by calculated risk October 28, 2024 07:19:00 PM
From Matthew Graham of Mortgage News Daily: Mortgage interest rates return to 7%
No wonder mortgage rates were the worst in October. As of last Friday, the average financial institution’s top-tier 30-year fixed rate stood at 6.90, up more than 0.625% this month. Today’s 0.10% increase puts the interest rate index at exactly 7.0%, the highest since July 10th.
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Relevant economic data will be released this week, with Friday’s jobs report being the most important yet. Both of the past two employment statistics had a large impact on interest rates due to large deviations from expectations. If Friday’s report is as surprising, the impact on interest rates should be of similar magnitude. (Fixed for 30 years 7.00%)
Emphasis added
Tuesday:
• 9:00 a.m. ET; S&P/Case-Shiller Home Price Index For August. The consensus is for the Composite 20 index to rise 6.0% year over year.
• Also, at 9 a.m.; FHFA Home Price Index For August. Originally it was a repeat sale only for GSE, but there is also an expanded index.
• At 10 a.m. Recruitment/turnover rate survey From September’s BLS.
• Also at 10 a.m. Q3 Vacant housing and home ownership Report from the Census Bureau.
