Mortgage rates stayed relatively stable this week, with a slight uptick driven by stronger-than-expected job numbers. The solid labor market data pushed Treasury yields higher, which in turn put mild upward pressure on mortgage rates.
Key Market Movers:
- Strong Jobs Report: May’s employment data showed continued job growth, signaling a resilient economy and reducing the likelihood of near-term Fed rate cuts.
- Rising Treasury Yields: Investors responded to the jobs news by pulling back from bonds, nudging mortgage rates slightly higher.
What to Watch Next Week:
- CPI Inflation Report: If inflation comes in cooler than expected, it could ease pressure on rates.
- Fed Commentary: Any signals about future rate moves will be key for short-term mortgage rate direction.
Rates ticked up slightly due to the strong jobs report, but overall remain steady. Buyers and sellers should keep a close eye on next week’s inflation data, which could shift the market outlook.
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