Mortgage Rates Rise with Retail Therapy

"As predicted yesterday, mortgage rates trend reversal from higher to lower lasted just one day. Analysts forecasted that retail sales figures released this morning would show strength. In fact, preliminary estimates had retail sales rising at their fastest pace in six months. When the figures were released at 8:30 AM this morning, the results were even stronger than expected, indicating the fastest pace of growth in seven months. This is bad news for current mortgage rates as it provides clear evidence of accelerating growth in the US economy."