Mortgage rates and bond yields moved higher on Tuesday, as the job openings reported by the Department of Labor showed an unexpected increase. This economic news, indicating higher-than-anticipated job openings, provided further evidence of an improving economy and a strengthening job market.
In particular, job openings increased by approximately 1 million, the highest ever number recorded since the government’s survey dating back to 2000. Additionally, the job openings rate rose from 3.4 to 3.5 percent, the highest since 2018. The availability of more job opportunities indicated an expanding economy and held significant implications for mortgage rates. With stronger labor market, buyers will be more willing to invest in the housing market. As a result, mortgage rates, along with bond yields, are likely to rise further going forward.
• Job openings unexpectedly increased more than anticipated
• Job openings rate rose from 3.4 to 3.5 percent, the highest since 2018
• Mortgage rates and bond yields likely to rise further
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