Mortgage rates rose this week, with the selloff due to the market starting to price in election outcomes of November. We have seen a steep rate increase in the last few weeks; it is simply down to the economy being more robust than the market expected, along with the market starting to price in specific election outcomes. The market got ahead of itself in pricing in a sudden economic slowdown, and now bond yields are moving higher with the realization the economy is not that weak. Next week, we will get core PCE (Fed's favorite inflation measure), nonfarm payrolls, and JOLTS job openings. Those pieces of data could move bonds. We hope to get some data next week that sends mortgage rates lower.
U.S. 10-year Treasury on Thursday afternoon is at 4.21%.
Initial Jobless Claims came in lower than analyst's expectations (227k claims vs expectations of 242k).
Existing Home Sales came in lower than analysts' expectations (3.84mm vs expectations of 3.88mm).
New Home Sales came in higher than analyst's expectations (738k vs expectations of 720k).
Mortgage Applications fell by 6.7% this week.
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