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From Matthew Graham at Mortgage News Daily: Mortgage Rates Start Lower, But Finish HigherIn addition to Fed anxiety, there was stronger economic data again this morning with a key report on the services sector coming in near the highest levels since earlier this year (a big reversal considering the previous month came in at the lowest levels in more than 2 years).
Strong economic data implies higher rates, all other things being equal. The bond market traded accordingly. By the end of the day, we’d lost enough ground that most mortgage lenders recalled their initial offerings and “re-priced” with higher rates/fees. The net effect was that Monday’s rates ended up being close to Friday morning’s after having been moderately lower to start the day. [30 year fixed 6.33%]
emphasis addedTuesday:
• At 8:00 AM: Corelogic House Price index for October.
• At 8:30 AM: Trade Balance report for October from the Census Bureau. The consensus is the trade deficit to be $79.1 billion. The U.S. trade deficit was at $73.3 billion in September.
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