Last week ended with a wild ride for mortgage rates. We anticipated the two inflation reports could help mortgage rates, however, we had a bad bond auction last Thursday, and the 10-year yield rose sharply. Weekly active inventory grew slowly again and purchase apps were down week to week again.

• Weekly active listings rose by only 4,270
• Mortgage rates went from 7.03% to 7.19%
• Purchase apps were down 3% week to week

Mortgage rates and bond yields

Last week we started with lower bond yields as we anticipated inflation reports to continue the trend of slower year-over-year inflation data. This happened details ⇒

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