Mortgage rates increased last week, reversing direction after several weeks of declines.
Comments from Federal Reserve members early in the week started moving interest rates higher, as they messaged that there is still much work to be done in taming inflation. Jobs data late in the week was much stronger than market expectations, a signal that the Federal Reserve will likely need to continue aggressive actions to slow economic growth and reign in inflationary pressures. Rates are still volatile as investors react to conflicting data on economic activity and labor markets that may drive future Fed actions. Markets are trying to estimate the magnitude of the next Fed rate hike in September (50 or 75 basis points) and how much higher they may go in the future.
After the strong jobs report last week, investors will be focused on inflation data this week (CPI and PPI) and any implications for future Federal Reserve rate actions.
Data according to Zillow Research