Mortgage rates follow loosely the yield on the 10-year Treasury, which has been climbing this week.
At the beginning of this year, the 30-year fixed rate dropped to around 6%, causing a brief burst of activity in the spring housing market. But it began rising steadily again over the summer,but indicated the possibility of another hike this year and fewer cuts than expected next year. Investors were waiting to see the results of economic data in the first week of October.
"It is now the first week of October, and data has been stronger," wrote Matthew Graham, chief operating officer at Mortgage News Daily."This morning's JOLTS is the biggest, baddest confirmation so far this week, and it's pushing yields to fresh long-term highs. Pretty simple stuff, actually, even if unpleasant and unfortunate for fans of low rates."markets.
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