More of the same this week as investors continued to shift money out of risker technology stocks and into safer investments, helping to push rates lower for the week. We will end the week down to 6.875% for our best 30-year fixed Conventional scenario with no discount points.
Despite a lack of major economic news, it was a rough week for mortgage markets. The upward trend seen in recent months continued, and mortgage rates climbed to their highest levels in over two years.
Headlines surrounding the conflict in the Middle East continued to move mortgage markets this week. At the same time, a surprisingly strong jobs report had less impact on rates. By the end of the week, mortgage rates were slightly higher.
Mortgage markets were pulled in different directions this week. Increased tensions in the Middle East caused oil prices to climb, raising concerns about the outlook for future inflation. We will end the week still at 6.375% for our best 30-year fixed Conventional scenario.
Mortgage rates continued to see a bit of volatility this week, reacting to changing oil prices and ongoing tensions in the Middle East. However, the biggest driver came at the end of the week, when weaker than expected labor market data pushed mortgage rates lower. We will end the week back to 6.375% for our best 30-year fixed Conventional scenario.
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