by Calculated Risk on 3/09/2021 08:55:00 PM

From Matthew Graham at MortgageNewsDaily: Mortgage Rates Modestly Lower, But Hoping For More

At this point, no one should be surprised to hear that mortgage rates have moved significantly higher in 2021--especially in the past few weeks. ... Taking the big, scary rate spike as read, let's move on to wondering about what happens next. All too often in the past 2-3 weeks, there's been a glimmer of hope in the bond market (which dictates day-to-day mortgage rate changes) only for things to get even worse in short order. We've reached another one of those "glimmer of hope" moments now as rates have managed to avoid slipping above their highest levels in more than a year seen last Friday.

With only 2 days of ground-holding, we obviously can't declare victory just yet, but should we even hope for victory or just assume rates will continue higher? [30 year fixed 3.26%]

Wednesday:
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 8:30 AM, The Consumer Price Index for February from the BLS. The consensus is for a 0.4% increase in CPI, and a 0.2% increase in core CPI.