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It was bad news but great news a few days ago when the average top tier 30yr fixed rate made it back to 7% for the first time since early March. After trying to make minor improvements yesterday the pain continued today.
The bond market (which determines the day-to-day movement) is experiencing more volatility than usual due to the debt ceiling debate. This is causing traders to be more defensive than they might otherwise be going into the holiday weekend.
The average lender was in line at around 7% over the past two days, but moved closer to 7.125% today. This is the highest level since November 9, 2022.
Tomorrow’s PCE inflation data could lead to more volatility, for better or worse, depending on the outcome, but the right treatment will require downbeat data in the coming week.
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