Market Pulse

The 30-year fixed mortgage rate is hovering around 6.21-6.24% today, showing little movement from yesterday. The 10-Year Treasury yield remains stable at 4.169%. Federal Funds Rate also has not moved remaining at 3.88%.

Key Drivers

While rates haven't shifted dramatically today, several factors are influencing the market. The recent CPI data shows inflation is still a factor in the market. Recent articles suggest a possible future for alternative mortgage products because of high rates. Recent MBA commentary suggests that rates may be stuck above 6% as inventory loosens. This creates uncertainty as mortgage rates can change in either direction depending on the way the market digests this information.

Outlook

Expect continued volatility in the near term. The market is grappling with economic uncertainty and potential shifts in mortgage product offerings. Keep a close eye on inflation data and Federal Reserve commentary, as these will be key drivers in determining the direction of mortgage rates in the coming weeks.