From Matthew Graham at Mortgage News Daily: Highest Mortgage Rates in 2 Months
It’s been a strange and frustrating couple of weeks for anyone who mistakenly believed that mortgage rates would move lower after the Fed rate cut. … Bottom line, markets got locked into the belief that data would slowly deteriorate (with a lot of weight being given to the last few jobs reports) only to see the most recent jobs report say “not so fast!” There’s a bit of a re-set happening at the moment. We can’t know exactly how big it will be until we get through more econ data. [30 year fixed 6.62%]
emphasis added
Tuesday:
• At 6:00 AM ET, NFIB Small Business Optimism Index for September.
• At 8:30 AM, Trade Balance report for August from the Census Bureau. The consensus is for the deficit to be $71.4 billion in August, from $78.8 billion in July.