From Matthew Graham at Mortgage News Daily: Mortgage Rates Near Highest Levels Since February
Mortgage rates moved up somewhat abruptly today as the bond market lost more ground over the weekend … there weren’t any compelling news headlines or economic reports driving the weakness. It would be better thought of as a hangover from Friday’s jobs report.
As the week progresses, there will certainly be at least one major economic report with a proven track record of causing big reactions in rates: the Consumer Price Index (CPI) on Wednesday morning. With the average lender already near the highest levels since February, a bad reaction to CPI could easily launch rates back to levels not seen since November. On the other hand, if CPI manages to come in much lower than expected, rates would almost certainly drop. [30 year fixed 7.11%]
emphasis added
Tuesday:
• At 6:00 AM ET, NFIB Small Business Optimism Index for March.