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It’s not a decisive win, but a fine way to end a week that saw rates exceed 7% for the first time in months.
The bond market (which accounts for most of the day-to-day movement in rates) started the day on a strong note (strong = rooted in lower rates). Strength turned into weakness for an hour following the day’s anticipated economic data. Thankfully, the data wasn’t very strong (stronger data = higher rates) and bonds were able to get back on a strong track throughout the afternoon.
Many lenders issued midday price corrections. The net effect is a rate scenario that is still near the highest level in months, but not as high as it was yesterday.
It’s also worth keeping in mind that the market is nimble and willing to react in a big way to critical data on the horizon. We expect the week ahead to be volatile for a number of reasons, with the biggest move coming after the jobs report on Friday. There’s no way of knowing whether this move will push rates up or down, only that it could be huge.
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