More ups than downs, rates end the week back up just a bit.

Tariffs continue to be a double-edge sword for mortgage rates.

Happy Friday from Local Mortgage!

It was a light week for economic data, and after a few up and down swings, rates will end the week just up slightly from last week, putting us right at 6.375% for our best 30-year-old fixed conventional scenario.

The week began with a continuation of last Thursday’s selloff, which was mostly a correction due to the stronger than expected employment report released late last week.

Bond markets rallied back on Wednesday though as there was solid demand for the 10-year treasury auction. June’s FED minutes were also released on Wednesday but didn’t contain any surprises so it’s not clear how much of an impact that had on Wednesday’s bounce back.

But by Friday afternoon, those gains have been erased as investors have sold bonds in reaction to the 35% Canadian tariff. While tariffs have been a double-edge sword for mortgage rates, it seems that the majority of investors fear their impact on inflation.

As far as the economic reports for next week, inflation will certainly be in the spotlight. We will get the Consumers Price Index report on Tuesday, the Producers Price Index Wednesday and Retail spending on Thursday.

Hope everyone has a great weekend and thank you for reading.