June 5th, 2026 1:26 PM by T. Fanning
Happy June and welcome to this week's market update!
Mortgage rates moved a tad higher this week as oil prices increased and economic reports showed the labor market remains stronger than expected. Employers added more jobs than forecast, job openings rose, and both the manufacturing and services sectors continued to grow. While wage growth cooled, the overall strength of the economy could make the Federal Reserve less likely to cut interest rates anytime soon, putting upward pressure on mortgage rates.
Looking ahead, investors will continue to watch developments in the Middle East and listen for clues from Federal Reserve officials about future interest rate decisions. Key reports this week include Existing Home Sales on Tuesday and two important inflation reports—CPI on Wednesday and PPI on Thursday—which could influence the direction of mortgage rates.
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