From Matthew Graham at Mortgage News Daily: Mortgage Rates Unchanged to Slightly HigherIt was a fairly uneventful day for mortgage rates for the average lender–at least until the very end of the business day. Mortgage lenders prefer to set rates once a day, in the morning. Because rates are ultimately determined by bond prices, if bonds move enough during the day, lenders can “reprice” to follow the market.
In today’s case, things had deteriorated enough by the last hour that several lenders repriced for the worse. This didn’t amount to a big change in rates as far as the average mortgage borrower would be concerned, but it does leave the average lender in line with the highest rates in nearly 2 weeks. [30 year fixed 6.99%]
• At 9:00 AM ET, S&P/Case-Shiller House Price Index for May. The consensus is for a 1.9% year-over-year decrease in the Comp 20 index for May.
• At 9:00 AM, FHFA House Price Index for May. This was originally a GSE only repeat sales, however there is also an expanded index.
• At 10:00 AM, Richmond Fed Survey of Manufacturing Activity for July.