Robust Jobs Data Push Mortgage Rates to Highest Levels in More Than a Month

Mortgage rates rose for the third consecutive week, riding an exceptionally strong jobs report to their highest levels in over a month.

After last week’s release of robust manufacturing data, the strength of the American economy was reaffirmed when the jobs report exceeded analysts’ expectations and showed that wages are growing at their fastest annual pace since 2009. The news followed months of positive employment data and was seen by the markets as a sign of impending inflation. Rates ascended as a result, and markets will likely to keep a keen eye on this coming Thursday’s release of inflation data. A strong release should result in additional upward pressure on rates.

Thursday also brings a policy announcement by the European Central Bank, which is expected to confirm a schedule of gradual rate hikes aimed at tightening monetary policy in the Eurozone.