From Matthew Graham at Mortgage News Daily: Mortgage Rates Finally Catch a Break



Mortgage rates had been rising at an uncomfortable pace since June 27th. As of Monday, the average conventional 30yr fixed rate quote was 0.125% higher in 5 business days. That's a fairly abrupt move--especially when compared with almost any other 5-day stretch. In any event, it was the biggest 5-day move seen since the Presidential election.

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Today was the first day that bond markets (which dictate rates) were able to fight back. [top tier scenarios 30YR FIXED - 4.125%]

emphasis added

Thursday:• At 7:00 AM, The Mortgage Bankers Association (MBA) will release the results for the• At 8:15 AM, Thefor June. This report is for private payrolls only (no government). The consensus is for 178,000 payroll jobs added in June, down from 253,000 added in May.• At 8:30 AM, Thereport will be released. The consensus is for 244 thousand initial claims, unchanged from 244 thousand the previous week.• Also at 8:30 AM,for May from the Census Bureau. The consensus is for the U.S. trade deficit to be at $46.2 billion in May from $47.6 billion in April.• At 10:00 AM, thefor June. The consensus is for index to decrease to 56.5 from 56.9 in May.