Mortgage Rates Shoot Higher

The average rate on the 30-year fixed jump 14 basis points today to 7.22% thanks to that much stronger than expected ADP jobs report. Applications for a mortgage to purchase a home, which had been rising for three straight weeks, dropped 5%. Treasury Secretary Janet Yellen kicking off her first trip to China since taking office and tensions between the two countries arguably couldn't be any higher right now. Tesla and its EV rivals there just signed a pledge to end the price war and promote core socialist values.