Mortgage rates spiked abruptly last week after several economic reports showed the economy doing better than expected. Now this week, key inflation data showed prices falling faster than expected. Rates responded with a full recovery.
Source: Kevin Litwicki MBSLIVE
Rates Recover Rapidly After Inflation Data

Until a few weeks ago, it looked like we might have seen the last of 7% mortgage rates, but the last 2 weeks have been brutal.
Source: Kevin Litwicki MBSLIVE
Mortgage Rates Back Over 7% as Markets Digest Economic Data

Mortgage rates have been hovering in the high 6’s for weeks, but they broke above 7% on Thursday. At the same time, multiple news outlets reported a 30yr fixed rate of 6.71%. Who’s lying?
Source: Kevin Litwicki MBSLIVE
Mortgage Rates Jumped Over 7% This Week, Even if You Heard They Were 6.71%

A majority of the housing market data on any given month tends to come out mostly on the same week. This was that week and the takeaway was that the housing market could be doing worse. Some might even argue that we’re seeing some resilience relative to the rate landscape.
Source: Kevin Litwicki MBSLIVE
Resilience in The Housing Market as Powell Sees More Hikes Ahead

Rates may not be as high as they were several months ago or as low as they were 5 weeks ago, but they’re close enough to either boundary that the threat (or promise) of returning is palpable. For at least the past 2 weeks, we’d been waiting for this week’s events to give us some sort of push higher or lower, but it looks like the waiting will continue.
Source: Kevin Litwicki MBSLIVE
This Week's Hotly Anticipated Events Completely Failed to Break The Stalemate

In a surprising turn of events, this week’s biggest market mover for interest rates was a policy announcement by the Bank of Canada. The event was credited for prompting a re-think of the US Federal Reserve’s rate outlook.
Source: Kevin Litwicki MBSLIVE
Rates Seen Staying Higher For Longer. Blame Canada?

After dominating the news cycle for weeks, the debt ceiling issue is suddenly resolved and the bond market doesn’t seem to care. The jobs report proved to be far more relevant, but with half of it indicating a much stronger labor market and the other half saying the opposite, who’s telling the truth and why did rates only pay attention to the bad (good) news?
Source: Kevin Litwicki MBSLIVE
What Debt Ceiling? And Who's Lying About The Jobs Report?

It was nearly impossible to avoid news regarding the debt ceiling this week, but how much does it actually matter?
Source: Kevin Litwicki MBSLIVE
Do Rates Care About Debt Ceiling?

The debt ceiling debate is all over the news, but it’s a different ceiling is commanding more of the bond market’s attention.
Source: Kevin Litwicki MBSLIVE
All About Ceilings

Scroll down far enough on the list of Webster’s definitions of the word “consolidate,” and you’ll find “to form together into a compact mass.” Financial markets appropriated that definition long ago and have been using it to refer to the condensed mass of prices, yields, or whatever else is being measured on a chart.
Source: Kevin Litwicki MBSLIVE
Hi, My Name is Consolidation, And I Can Explain Everything