The past two weeks have been historical for mortgage-backed bonds and mortgage interest rates over the past five years. We experienced multi-year lows in interest rates as money flooded into bonds due to uncertainty in the markets and then on the news of an almost assured Fed rate cut investors felt confident again buying stocks.
This past week mortgage interest rates were back up again after the jobs report and the hourly wages report stoked inflationary fears and could force the Fed to hold there rate cut to .25%. This week could be as volatile for the mortgage markets as the Fed meets on Tuesday and Retail sales, Producer pricing, and Consumer pricing all report this week. Please stay in touch with your mortgage professional for the latest and most accurate information. Thank you for the opportunity to serve you and your clients and have a great week.