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Mortgage Rates at Top of Recent Range

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From Matthew Graham at Mortgage News Daily: Mortgage Rates Surge to 1-Month Highs

Mortgage rates rose today at the quickest pace in months, ultimately hitting the highest levels since June 25th for the average lender. While neither of those are “fun” facts for fans of low rates, they are made slightly more palatable by the nature of the recent range.

Specifically, rates hadn’t moved very much since late June. The average mortgage seeker will not have seen a change in their quoted interest rate during that time (the only adjustments have been to upfront closing costs/credits). The point is that it didn’t require a huge move to be able to say “highest in a month” or “fastest pace in months.” [30YR FIXED - 4.625% - 4.75%]
emphasis added

Tuesday:
• At 9:00 AM ET, FHFA House Price Index for May 2018. This was originally a GSE only repeat sales, however there is also an expanded index.

• At 10:00 AM, Richmond Fed Survey of Manufacturing Activity for July.
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