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Top-tier 30-year mortgage rates rise to 7.60%
The bond market improved briefly after PCE inflation data, but the gains faded and rates ended the day higher, reaching another long-term high.
Mortgage News Daily said top-tier 30-year fixed mortgage rates ended the day at 7.60%, up 0.02% from the prior day.
The outlet reported that the underlying bond market was fairly flat overnight, then improved after the PCE inflation data earlier in the day, but that improvement was short-lived.
Mortgage News Daily noted there were no clear intraday scapegoats for the reversal, pointing instead to a broader reassessment of expectations for Fed policy, inflation, and the supply and demand dynamics for government debt.
It added that while month and quarter-end trading mechanics may have increased some volatility, the rise was not linked to an expectation that rates would fall simply because the calendar changed.