by Risk calculated on 22/05/2023 20:18:00
From Matthew Graham at Mortgage News Daily: Mortgage rates are approaching 7% again
[M]Most of the past week has seen the average rate level higher at 6.625% or higher for the average lender. And as of today, we are again painfully close to 7.0%. To be fair, we were already close to 7.0% on Friday. Most lenders haven’t moved much higher since then, and many lenders were already there. … What’s behind the tip? In general, the market is accepting the possibility that the Federal Reserve has not been that far off base in recent months as it has maintained the need to keep rates “higher for longer”. [30 year fixed 6.67%]
added emphasis
Tuesday:
• At 10:00 a.m. ET, Sales of new homes for April from the Census Bureau. The consensus is 660,000 SAAR, down from 683,000 SAAR in March.
• Also at 10:00 a.m., Richmond Fed survey of manufacturing activity for May.