From Matthew Graham at Mortgage News Daily: Highest Mortgage Rates in Nearly 3 Months
Mortgage rates continued somewhat higher on Monday as bond markets lost ground over the weekend, adding to the heavier losses seen on Thursday and Friday last week. … This improves the outlook for the economy and further steels the resolve of the Federal Reserve to announce another instance of “tapering” (a reduction in the pace of the Fed’s rate-friendly bond buying efforts). Unlike 2013, markets are much more prepared this time around, and in fact, we can credit tapering expectations for some of the weakness in rates seen earlier this year.
The average lender is at an eighth to a quarter of a percent higher in conventional 30yr fixed rates compared to the beginning of last week. [30 year fixed 3.14%]
• At 9:00 AM ET, FHFA House Price Index for July. This was originally a GSE only repeat sales, however there is also an expanded index.
• Also at 9:00 AM, S&P/Case-Shiller House Price Index for July. The consensus is for a 20.0% year-over-year increase in the Comp 20 index for July.
• At 10:00 AM, the Richmond Fed manufacturing survey for September. This is the last of the regional surveys for September.
• Also at 10:00 AM, Testimony, Fed Chair Powell, Coronavirus and CARES Act, Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs