Mortgage Rates Rise as Coronavirus Picture Clears

Mortgage rates rose over the past seven days, riding encouraging economic data and a clearer picture of the coronavirus’ impact on global commerce to break a weekslong retreat.

Rates officially touched their lowest levels in three years late last week, but key readings on the manufacturing and services industries, as well as private payrolls data, bested industry expectations and boosted investor sentiment on Wednesday. But, much like last week, the central story that drove bond prices, and thus mortgage rates, was the ongoing developments around the coronavirus outbreak in China.

Optimism has risen in recent days after rumors of a medication and news that China’s central bank could cut its key lending rates in order to support economic growth that has languished as a result of the outbreak.

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