Mortgage rates increased rather sharply yesterday to match the highest level since March 27th. They’re just a hair higher today, hence formally at 6-week highs.
Whereas yesterday’s Consumer Price Index (CPI) didn’t have a certainly negative impact on rates, today’s Producer Cost Index (PPI) did. Both are big inflation reports. CPI is typically far more most likely to cause a response in rates, but PPI revealed a much bigger surge in inflation this morning.
Even then, the underlying bond market wasn’t excessive worse by the end of the day and the mortgage-specific bond market really made a complete recovery. But that recovery was too gradual and shallow for the average lender to change their rates today. That left our rate index 0.01% higher day over day at 6.57% for a leading tier 30yr repaired.