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From Matthew Graham at Mortgage News Daily: Mortgage Rates Start Higher But Recover Ahead of Key Inflation ReportMortgage rates began the day at the highest levels in nearly 2 weeks. The underlying bond market had been losing ground steadily since last Thursday and there was some follow-through to that negative momentum early today. Weaker bonds = higher rates, all other things being equal.
But bonds recovered from 10am through the end of the day and the specific bonds that underlie mortgage rates did even better than their Treasury benchmarks.[30 year fixed 7.58%]
emphasis added
Tuesday:
• At 6:00 AM ET, NFIB Small Business Optimism Index for October.
• At 8:30 AM, The Consumer Price Index for October from the BLS. The consensus is for a 0.1% increase in CPI, and a 0.3% increase in core CPI. The consensus is for CPI to be up 3.3% year-over-year and core CPI to be up 4.1% YoY.
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