Mortgage Rates on the Rise! May 24, 2024

Yesterday and most of this week hasn’t been kind to mortgage rates.  S&P Global’s service sector PMI rose to the highest levels in exactly a year, and that effectively matched the highest level in more than 2 years.  Underlying details showed the highest prices in 18 months.  None of the above was good news for mortgage rates as it showed inflation is going the wrong way.

The 30 year fixed rate is still under 7.0%, so rates aren’t horrible.  And this next week doesn’t have any significant data that could surface to make rates go higher or lower.  Any excitement in rates will happen the first week of June when CPI and Employment numbers come out.  Stay tuned!