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Mortgage Rates Launched Back Over 7% by Strong Economic Data

Mortgage Rates Launched Back Over 7% by Strong Economic Data

Last Friday was the worst day for mortgage rates in over a year in terms of day-over-day movement (October 19th, 2023 remains the worst day in decades in terms of outright levels with 30yr fixed rates over 8%). Monday added insult to injury with another sharp increase that took the average top tier conventional 30yr fixed rate back over 7% for the first time since December 12th. In both cases, the most relevant catalyst was an upbeat economic report.  We already know that it was the big jobs report that did the damage on Friday.  Today's rate rout came courtesy of the ISM Non-Manufacturing PMI (aka ISM Services).  While it's lesser-known than the jobs report, ISM Services is one of only a handful of other reports worthy of sharing the stage as a supporting actor.  When it comes in
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