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 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.
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.
Mortgage markets remained sensitive to energy prices this week. The potential agreement to ease tensions in the Middle East helped push oil prices down to their lowest levels since late February, reducing inflation concerns. Meanwhile, the economic reports revealed no major surprises and had only a modest impact on financial markets. As a result, mortgage rates ended the week a little lower, we are now down to 6.125% for our best 30-year fixed Conventional scenario.
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