Highest Rates in a Week After Surprisingly Strong Economic Reports
Mortgage rates moved higher again today, bringing the average lender to the worst levels since last Thursday. There are a few exceptions to that due to recent regulatory changes. Specifically, many lenders made improvements to loans for 2nd homes and investment properties. That’s the short version. If you need to background, here’s the long version.
The average loan scenario was unaffected by the regulatory changes and thus was free to react to the day’s bond market weakness. Bonds responded immediately to a pair of economic reports that came in much stronger than expected this morning. In general, stronger data pushes bond prices lower and yields (aka “rates”) higher.…(read more)
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