Mortgage rates have remained relatively stable in the past week, with the 30-year fixed rate hovering just below 7%. According to Mortgage News Daily, the average lender saw a slight increase today compared to last Friday but still remains below the 7% mark.
As the week progresses, several key economic reports are set to be released, including the highly anticipated jobs report on Friday. This report is closely watched by market participants as it can have a significant impact on the rate market.
In addition to monitoring mortgage rates, investors will be keeping an eye on the Job Openings and Labor Turnover Survey for April, scheduled for release at 10:00 AM ET. This data will provide insights into the state of the labor market and could influence future monetary policy decisions.
Furthermore, light vehicle sales data for May is also set to be released. The consensus among analysts is for light vehicle sales to come in at a seasonally adjusted annual rate of 16.4 million, down from 17.3 million in April. This data point is crucial for assessing consumer sentiment and spending patterns.
Overall, the stability in mortgage rates amidst a flurry of economic reports underscores the cautious optimism in the market. Investors will be closely monitoring these reports for any signs of inflationary pressures or labor market dynamics that could impact the trajectory of interest rates in the coming months.
References:
– Mortgage News Daily: Mortgage Rates Edge Higher to Start Busy Week
– Calculated Risk: Tuesday: Job Openings, Vehicle Sales
