Strong economic data has pushed mortgage rates up recently. However, rates may fall this week. The 10-year Treasury yield dropped to 3.98% from 4.01% the previous week as investors await the upcoming jobs and inflation reports. Both of these economic factors significantly affect investors’ expectations about the economy and, eventually, mortgage rates. If both of them are stronger than expected, this could cause rates to remain near 7% in the following weeks.
Sources: https://www.nar.realtor/ https://www.dmarealtors.com/