- 30-year mortgage rates climbed to 6.85%, the highest in over 14 months, making home loans and refinancing more expensive.
- Escalating Middle East tensions pushed oil and inflation worries higher, lifting Treasury yields (also pressured by rising federal debt and heavy corporate demand for capital).
- Refinancing and mortgage applications fell, and traders are watching this week’s PPI/CPI reports and the Fed meeting for clues on whether rates will move higher or cool off.
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