For sale sign in front of large USA home
Mortgage rates increased for a 2nd consecutive week in the week ending 11th June, marking a 6th weekly gain in 12-weeks.
30-Year fixed rates increased by 3 basis points to 3.21%. In the previous week, 30-year fixed rates had also risen by 3 basis points to 3.18%.
Compared to this time last year, 30-year fixed rates were down by 61 basis points.
30-year fixed rates were also down by 173 basis points since November 2018’s most recent peak of 4.94%.
Economic Data from the Week
Economic data was on the lighter side through the 1st half of the week.
Key stats included April’s JOLTs job openings, May inflation figures, and the weekly jobless claims numbers.
Following the better than expected nonfarm payroll numbers from the previous week, however, the stats took a back seat in the week.
Dire economic projections from the World Bank and OPEC did weigh on risk appetite in the early part of the week.
On Wednesday, it was the FOMC monetary policy decision, economic projections and FED Chair press conference, however, that garnered the greatest interest.
FED Chair Powell poured cold water on hopes of a speedier economic recovery, leading to a fall in Treasury yields.
In spite of a marked fall in yields, mortgage rates held steady, with the May labor market numbers from the previous Friday providing support.