Quiet Week for Mortgage Rates as Markets Watch for Fed Minutes, Commentary

Mortgage rates inched higher over the past week after dropping last Wednesday, returning roughly to where they stood early last week. They remain below their mid-June highs.

Geopolitical news – and particularly ongoing trade tensions among the United States, China and Canada – continues to dominate headlines, although markets were quieter than normal leading into the July 4 holiday against the backdrop of the World Cup.

It’s been a quiet start to the week for economic data. That will change with the release of the June jobs report on Friday and Thursday’s publication of minutes from the Federal Open Market Committee’s most recent meeting. Fed Chair Jerome Powell’s comments to the media after the release of the meeting minutes will garner particular scrutiny as investors watch how he characterizes committee discussions.