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Rates Rising as North Korea Talks Baseball

Mortgage rates continued higher today as markets reacted to news that North Korea would tactically abstain from launching nuclear weapons at Guam because it was having such a good time watching the "foolish and stupid conduct of the Yankees."  Perhaps Kim Jong Un is a Sox fan?  Someone should tell him that series is over and that the Mets might not put up as much of a fight.  

Or perhaps "Yankees" referred to America in general.  Either way, markets took solace in the absence of global nuclear war by buying stocks and selling bonds.  Net selling pressure in bonds pushes rates higher.  Strong economic data in the morning only added to bond market weakness.

Fortunately, movement in rates continues to be muted by historical standards.  Most consumers would still be seeing the same rates quoted today that were available last Friday (which were the lowest since November 2016) with the only adjustments being slightly higher upfront costs.

 

This Daily Mortgage Rate Update is provided in partnership with Mortgage News Daily.