From Matthew Graham at Mortgage News Daily: Mortgage Rates Slightly Higher Ahead of Important Inflation ReportMortgage rates drifted slightly higher this morning with the average lender moving up to the highest levels in nearly 2 weeks. Top tier 30yr fixed scenarios are effectively back at 7% for the majority of lenders. … Tomorrow morning’s Consumer Price Index (CPI) is one of the biggest sources of volatility for rates on any given month. The following afternoon, we’ll get the Fed’s verdict on the “pause/skip” in the rate hike cycle, which is currently what the market expects. [30 year fixed 6.94%]
• At 6:00 AM ET, NFIB Small Business Optimism Index for April.
• At 8:30 AM, The Consumer Price Index for May from the BLS. The consensus is for 0.3% increase in CPI (up 4.9% YoY), and a 0.4% increase in core CPI (up 5.5% YoY).