The typical top-tier 30yr set home loan rate rose 0.08% last Friday after the jobs report was available in much more powerful than expected. Today added another 0.02% of upward motion. Today’s level of 6.68% is the 3rd highest of the previous 9 months.
Unlike Friday, there were no big-ticket economic reports driving volatility in rate markets. The only feasible domino effect was seen previously in the morning surrounding war-related headlines. These in fact helped rates start the day lower than they otherwise would have.
As the week continues, investors will stay tuned in to war-related developments in addition to an essential inflation report on Wednesday morning (the Customer Rate Index or “CPI”).