by Calculated Risk July 1, 2024 8:19 PM
From Matthew Graham of Mortgage News Daily: Mortgage rates hit highest level in more than a month
Mortgage interest rates continued their frustrating and somewhat puzzling rise today, approaching their highest levels since the end of May. … While rising interest rates are always frustrating for the housing and mortgage market and for prospective borrowers, ups and downs are a part of life. In other words, it’s perfectly normal to have good days and bad days in interest rates.
What is less common is that counterintuitive interest rate movements do occur from time to time. In other words, a sudden drop or rise in interest rates can usually be linked to one or more root causes that have had a similar effect in the past.
But this time, economic data from the past two days suggests downward pressure on interest rates. This is noteworthy for two reasons: economic data is a reliable source of guidance, and more importantly, interest rates have not been subject to any downward pressure whatsoever over the past two days.30-year fixed rate 7.14%)
Add emphasis
Tuesday:
• 9:30 a.m. ET; Debate with Fed Chairman Jerome Powell, Policy Panel Discussionat the European Central Bank (ECB) Central Bank Forum 2024 in Sintra, Portugal.
• 10 am, Job/resignation survey May report from the BLS.
• Late in the evening, Light vehicle sales The consensus forecast is that light vehicle sales in June will be 15.9 million units, unchanged from May’s 15.9 million units (seasonally adjusted annualized rate).
