by Calculated Risk on 7/01/2024 08:19:00 PM

From Matthew Graham at Mortgage News Daily: Mortgage Rates Near Highest Levels in More Than a Month

Mortgage rates continued their frustrating and somewhat perplexing move higher today, thus bringing the average lender close to the highest levels since the end of May. ... Rising rates are always frustrating for those the housing/mortgage markets and prospective borrowers, but an ebb and flow is a way of life. In other words, it's perfectly normal to see good and bad days for rates.

Less normal is the occasional emergence of counterintuitive rate movement. In other words, we are usually able to tie any given drop or surge in rates to one or more root causes that have had similar impacts in the past.

This time around, however, the economic data has been suggesting DOWNWARD pressure on rates over the past two days. That's notable for two reasons: economic data has been a reliable source of guidance and, more importantly, rates have experienced anything but downward pressure over the past two days! [30 year fixed 7.14%]
emphasis added

Tuesday:
• At 9:30 AM ET, Discussion, Fed Chair Jerome Powell, Policy Panel Discussion, At the European Central Bank (ECB) Forum on Central Banking 2024, Sintra, Portugal

• At 10:00 AM, Job Openings and Labor Turnover Survey for May from the BLS.

• Late in the day, Light vehicle sales for June. The consensus is for light vehicle sales to be 15.9 million SAAR in June, unchanged from 15.9 million in May (Seasonally Adjusted Annual Rate).