For the week of January 30, 2023

Recap of last week: Rates slightly worse

Average mortgage rates crept slightly higher last week, but not by much as inflation data came in showing inflation continues to cool.

Mortgage Rate Forecast: Rates could be volatile
This week could see rates move a lot day-to-day, and could also set the tone for how rates will move higher or lower from here in coming weeks. Wednesday's Fed meeting and press conference will cause the biggest moves, followed by jobs and wage data on Friday and consumer confidence data on Tuesday. This is a good week to stay in contact with your mortgage professional.

What's affecting rates this week:
- Economic data: A busy week of data that includes consumer confidence as well as jobs and wage reports, all of which could cause some movement for rates this week.
- The Fed: The Fed will announce a rate hike on Wednesday expected to be .25%, and will issue its policy statement followed by a press conference by Fed Chair Jerome Powell. Markets have already priced in this rate hike so it won't hurt mortgage rates, but traders will be looking for signs on when the Fed will pause rate hikes and when we may see rate cuts later in the year. Depending on how markets react to these events, we could see rates improve or get worse.