Mortgage Rates Top 7% As Oracle Beats Estimates And Inflation Data Looms

According to CNBC, the rate on the 30-year fixed mortgage rose above 7% on Thursday, and housing stocks fell, with Toll Brothers down 1.9%, PulteGroup off 2%, and Hovnanian down 2.6%. Brent and West Texas Intermediate crude were both up about 12% for the week, while energy was the only S&P sector in positive territory, up 1.7%, led by Devon Energy and Valero, which were both up around 4% for the week. Oracle beat earnings estimates on Thursday afternoon, and shares rose 4% in extended trading after being up as much as 7%; the stock is down 56% from its high a year ago. The consumer price index is due Friday at 8:30 a.m., with Dow Jones consensus calling for a 0.4% month-to-month increase and a 3.4% annual inflation rate. Kroger is also set to report Friday morning around 7:30 a.m., after shares fell more than 11% in three months and were down 25% from the March high.