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.

Mortgage rates saw more volatility this week, driven largely by fluctuating oil prices and ongoing tensions in the Middle East. The latest economic data had little impact on financial markets, and the Fed meeting revealed no significant surprises. Mortgage rates finished the week slightly higher, with our best 30 year fixed conventional scenario at 6.49%.

Energy prices remained the focal point of the bond markets this week. As the US/Iran peace deal showed signs a breaking down, oil prices and mortgage rates both rose. We will end the week back to 6.375% for our best 30-year fixed Conventional scenario.