Attitudes Cooling on Housing; Rates Finally Rise. Time to Worry?
Mortgage rates finally ended an impressive winning streak today, rising for the first time in 9 days. Rates began that streak with a massive move lower following the UK's vote to exit the European Union and maintained momentum until they were right in line with all-time lows yesterday. Any time a winning streak extends past the 5 day mark (that's 5 business days, by the way), we begin to look for the inevitable correction that almost never takes more than 3 more days to show up. In that sense, today's moderate move higher in rates isn't much of a surprise. In fact, the resolute strength was arguably more surprising, and it raises questions as to how serious this single day of weakness may be. The answer to those questions likely lies in tomorrow's big jobs report. Just yesterday, the minutes
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