Mortgage Watch: Rates keep rising
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 Mortgage Rates Keep Rising!
Mortgage Rates are rising again this morning, and the moves are more about quiet repricing than any single shock. Japan stepped back into the currency markets overnight, supporting the yen and adding another layer of volatility to global rates. Mortgage News Daily notes that yesterday’s intervention didn’t clearly hit Treasuries, but last night’s yen spike did line up with fresh selling in the long end — although the timing actually matched more closely with a jump in oil prices on new Iran headlines.
Energy markets are firm again, feeding the market’s inflation narrative. Higher oil has become one of the most reliable pressure points for long‑term yields this summer, and today is no exception.
This morning’s Employment Cost Index (ECI) added a small but measurable push higher in yields, reminding markets that labor‑cost pressure remains sticky and the Fed’s inflation fight is still very much alive.
By mid‑morning, the 10‑year Treasury is hovering near 4.7%, and agency MBS are down just over an eighth of a point — enough to nudge mortgage pricing slightly higher, but not enough to qualify as a “bad day” given the inputs. Rates are essentially digesting a three‑part cocktail:FX intervention → oil‑driven inflation risk → wage data.
 Bottom Line: Today’s rate movement is global, incremental, and orderly. Markets are repricing risk rather than reacting to a single headline.
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SOURCE & AUTHOR | Keith Murphy Branch Manager – Essex Mortgage NMLS #330827 Direct: 714-309-1140 Apply: www.GoTeamMurphy.com

