by Calculated Risk on 5/22/2023 08:18:00 PM

From Matthew Graham at Mortgage News Daily: Mortgage Rates Approaching 7% Again

[M]ost of the past week saw the average top tier rate at 6.625% or higher for the average lender. And as of today, we're painfully close to 7.0% again. To be fair, we were already close to 7.0% on Friday. Most lenders didn't move much higher since then, and many lenders were already there. ... What's behind the spike? In general, the market is coming to terms with the possibility that the Federal Reserve may not have been that off-base over the past few months as it has maintained the need to keep rates "higher for longer." [30 year fixed 6.67%]
emphasis added

Tuesday:
• At 10:00 AM ET, New Home Sales for April from the Census Bureau. The consensus is for 660 thousand SAAR, down from 683 thousand SAAR in March.

• Also at 10:00 AM, Richmond Fed Survey of Manufacturing Activity for May.