Rates Holding Near 3-Month Highs; CFPB Updates Know Before You Owe; Seller’s Market Intensifies per Fannie Survey
Mortgage rates didn't move much higher today for most lenders. While that absence of additional weakness is "nice," the net effect is that rates remain in line with their worst levels since early April. Technically, there was a day or two in early May that were slightly worse, but not enough to consider today's rates anything other than "3-month highs." You'd be well within your rights to assume that the highest rates in 3 months must coincide with the all-important Employment Situation (aka "jobs report")--a consistent market-mover that is released on the first Friday of any given month. You'd also be wrong. All--or at least a vast majority--of recent market movement owes itself to general weakness in European bond markets. As a reminder, bonds dictate interest rates and Global bond markets
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