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From Matthew Graham at Mortgage News Daily: Rates Drop Sharply to Start The New WeekThe past 2 weeks were fairly rough for fans of low mortgage rates. The average lender moved higher at the fastest pace since February over that time. By the end of last week, the average lender was back above 7% for a top tier 30yr fixed scenario (and “well above” on Friday).
What a difference a weekend makes. While we’re nowhere near the lower levels seen several weeks ago, the bond market (which underlies rates) was able to recover all of the losses seen on Thursday and Friday as well as a small portion of Wednesday’s to boot. [30 year fixed 6.96%]
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Wednesday:
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
• At 9:45 AM, Chicago Purchasing Managers Index for May.
• At 10:00 AM, Job Openings and Labor Turnover Survey for April from the BLS.
• At 2:00 PM, the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.
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