The continued strength in the economy drove mortgage rates higher once again this week. Over the last few years, there has been a tension between downbeat economic narrative and incoming economic data stronger than that narrative.
This rapid run-up in mortgage rates has sapped some of the burgeoning enthusiasm in the market, which was spurred by near 6% rates in September.
Next week could potentially have a big impact on mortgage rates, as the Federal Reserve will release its preferred inflation gauge and the October jobs report.
If the data comes out hotter than anticipated, we might see mortgage rates increase during election week.
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