Mortgage Rates Recover After Downbeat Data

Mortgage Rates Recover After Downbeat Data

Economic data is one of the most basic and reliable inputs for the bond market.  The bond market, in turn, dictates day to day interest rate movement.  In general, weaker economic data pushes rates lower and that was today in a nutshell. Weekly Jobless Claims came in at the highest levels since 2021 and the bond market reacted immediately.  It wasn't a huge move in the bigger picture, but enough to counteract the jump to higher rates seen on Wednesday. Bigger volatility remains a bigger risk surrounding next week's Consumer Price Index data on Tuesday and the Fed Announcement on Wednesday.