"Surge in Economic Data Pushes Mortgage Rates Above 7%"

Mortgage rates have surged back over 7% following stronger economic data, with the 30-year fixed mortgage rate hitting 7.04%, the highest since December. The increase comes after a sharp jump in rates due to the January employment report and a monthly manufacturing report. High prices and low supply have made 2023 the worst for home sales since 1995, with 2024 expected to be better. The future of rates in 2024 hinges on economic data and inflation, with affordability being a key concern for buyers as even small rate swings have a significant impact on monthly payments.