"Strong Economic Data Pushes Mortgage Rates Above 7%"
TL;DR Summary
Strong economic data, including an upbeat jobs report and the ISM Non-Manufacturing PMI, caused mortgage rates to surge back over 7% for the first time since December 12th. The bond market reacted to the ISM data by moving to its weakest levels, prompting mortgage lenders to set rates much higher. This increase marks the worst day for mortgage rates in over a year, with rates more than 0.40% higher compared to Thursday afternoon.
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