Mortgage rates surged higher in the wake of July’s strong jobs report as the market begins to price in a change in stance at the Federal Reserve.
“ ‘After touching their lowest point in six months, mortgage rates rose over the last seven days as some key economic reports shifted the market’s outlook.’ ” Economists see the positive developments in the labor market, as well as additional indications of rising inflation, as a prelude to the Federal Reserve shifting its stance.
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