Mortgage charges are as excessive as they have been on virtually some other day this month. You’d have to return to August 1st to see something larger. On the opposite hand, charges are nonetheless noticeably decrease than virtually some other day of the previous 10 months. It’s actually solely the previous 2 weeks which have been any higher and the hole between current highs and lows could be very small.
In different phrases, charges have been holding a slender vary close to 10 month lows in August. There’s been a modicum of upward drift over the previous few days, however no materials developments.
This week will probably be pretty mild by way of sources of potential volatility. Once upon a time, the market could have frightened concerning the affect from the Fed’s Jackson Hole Symposium. While Fed Chair Powell may say one thing that causes a response in charges on the finish of the week, it would not be on the identical scale as one thing like a stunning consequence within the jobs report or inflation knowledge.
