Why Mortgage Rates Jumped After Last Week's Economic Reports 📈

Last week, mortgage interest rates surged following the release of the Non-Farm Payroll and Unemployment reports, which indicated a stronger than expected job market. Typically, when employment figures are robust, it signals a potential increase in consumer spending and inflation, prompting investors to demand higher yields on bonds, which in turn push mortgage rates up. This reaction reflects the market's anticipation of a longer period of high interest rates from the Federal Reserve to curb inflationary pressures.