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Mortgage Rates Edge to 2-Month Highs; Pending Sales Finally Break Recent Losing Streak For Housing

Mortgage Rates Edge to 2-Month Highs; Pending Sales Finally Break Recent Losing Streak For Housing

Mortgage rates edged higher today, keeping alive a trend toward higher rates that began just over a week ago. While the overall amount of ground covered as a part of this move isn't necessarily alarming, it's significant because it brings us back to the highest levels since the end of May. This uptrend is also significant because it marks the first breakout of a flat, narrow range that had been intact for more than a month. Breakouts that follow these flat, narrow ranges are thought to carry a bit of extra momentum compared to other jumps in rates. All that to say that the pressure on rates in 2018 had taken a break in June and July, but now it could be returning . Whether or not it gets any worse this week may well be determined by the slate of economic data and events. There are several important
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