10/28/2024
US10YR closed at 4.23% on Friday, but technical analysis indicates potential for further increases. Fibonacci levels highlight key points to watch at 4.41%, 4.58%, and 4.68%. These projections are especially relevant with this week’s release of the PCE (Personal Consumption Expenditures) data and jobs numbers, though significant surprises in the data are unlikely based on recent trends. The daily chart’s technical setup suggests upward pressure on rates may continue in the near term. We need to see a breakdown below 4.19% to see mortgage rates start to roll over.