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Mortgage rates fall back toward the week’s lowest levels
The drop followed comments from Fed Governor Chris Waller suggesting no rate hike is needed unless upcoming inflation data surprises higher.
Mortgage rates improved on Thursday after rising for the prior three days to their highest levels in more than a year, returning to the week’s lowest levels for a top-tier 30-year fixed rate at the average lender, according to Mortgage News Daily. The outlet attributes part of the move to remarks from Fed Governor Chris Waller, who said it would not be necessary to hike rates at the next meeting unless inflation data comes in higher than expected. Mortgage rates are driven by mortgage-specific bonds, which Mortgage News Daily says track closely with 5-10 year U.S. Treasuries, and it noted bond yields held relatively steady overnight even as oil prices moved higher.
Mortgage News Daily also pointed to upcoming data as a key near-term risk for rate direction. Friday morning’s jobs report and next week’s inflation data are expected to drive further volatility, with weaker-than-expected results likely supporting lower rates, and higher-than-expected results raising the chance of new rate highs.