Mortgage Rates Erase Last Week’s Damage

Mortgage rates reversed course this week, completely undoing last week's moderately abrupt move higher. But they had help along the way. There were two key events that stood the best chance to inform this week's rate momentum, and they did not disappoint. The first was Wednesday's congressional testimony from Fed chair Yellen. Her prepared remarks were more friendly than expected for rates, and they prompted the first big move lower. The next flashpoint was Friday morning's economic data which included the Consumer Price Index (an inflation report) and Retail Sales data. These 2 reports combined to positive effect in a big way on June 14th, and this week saw a repeat performance. Most lenders ended up offering the best rates of the week even though much of the underlying bond market strength

You may also like...