From Matthew Graham at Mortgage News Daily: Mortgage Rates Approaching 7% Again[M]ost of the past week saw the average top tier rate at 6.625% or higher for the average lender. And as of today, we’re painfully close to 7.0% again. To be fair, we were already close to 7.0% on Friday. Most lenders didn’t move much higher since then, and many lenders were already there. … What’s behind the spike? In general, the market is coming to terms with the possibility that the Federal Reserve may not have been that off-base over the past few months as it has maintained the need to keep rates “higher for longer.” [30 year fixed 6.67%]
• At 10:00 AM ET, New Home Sales for April from the Census Bureau. The consensus is for 660 thousand SAAR, down from 683 thousand SAAR in March.
• Also at 10:00 AM, Richmond Fed Survey of Manufacturing Activity for May.