From Matthew Graham at Mortgage News Daily: Mortgage Rates Launched Back Over 7% by Strong Economic Data
Last Friday was the worst day for mortgage rates in over a year in terms of day-over-day movement (October 19th, 2023 remains the worst day in decades in terms of outright levels with 30yr fixed rates over 8%).
Monday added insult to injury with another sharp increase that took the average top tier conventional 30yr fixed rate back over 7% for the first time since December 12th.
In both cases, the most relevant catalyst was an upbeat economic report. We already know that it was the big jobs report that did the damage on Friday. Today’s rate rout came courtesy of the ISM Non-Manufacturing PMI (aka ISM Services). [30 year fixed 6.88%]
emphasis added
Tuesday:
• At 8:00 AM ET: Corelogic House Price index for December.
• At 11:00 AM, NY Fed: Q4 Quarterly Report on Household Debt and Credit