by Calculated Risk on 10/07/2024 07:17:00 PM

From Matthew Graham at Mortgage News Daily: Highest Mortgage Rates in 2 Months

It's been a strange and frustrating couple of weeks for anyone who mistakenly believed that mortgage rates would move lower after the Fed rate cut. ... Bottom line, markets got locked into the belief that data would slowly deteriorate (with a lot of weight being given to the last few jobs reports) only to see the most recent jobs report say "not so fast!" There's a bit of a re-set happening at the moment. We can't know exactly how big it will be until we get through more econ data. [30 year fixed 6.62%]
emphasis added

Tuesday:
• At 6:00 AM ET, NFIB Small Business Optimism Index for September.

• At 8:30 AM, Trade Balance report for August from the Census Bureau.  The consensus is for the deficit to be $71.4 billion in August, from $78.8 billion in July.