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Rates Near 2-Week Highs; Construction Spending Slows; Mortgage Mortality Not Just About Refis

Rates Near 2-Week Highs; Construction Spending Slows; Mortgage Mortality Not Just About Refis

Mortgage Rates were higher today, with most lenders at their highest levels in nearly 2 weeks. The bond markets that underlie mortgage rate movement responded negatively to this morning's slightly stronger manufacturing data. In general, because bonds represent a way for investors to seek lower, safer returns, stronger economic data causes bonds to weaken and rates to move higher. But most lenders were already out with today's higher rates by the time the manufacturing data hit. That means lenders avoided raising rates on Friday as bond markets weakened into the afternoon. What's the point of all this? Simply put, much like Friday afternoon, we've had bond market weakness today that has yet to be priced-in to lenders' rate sheets. That means rates start with a bit of a disadvantage tomorrow
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