For the week of January 31, 2022
Recap of last week: Rates slightly worse
Average mortgage rates last week were volatile, as we forecasted. Rates started last week slightly improved, before seeing rates move worse on Wednesday after the Fed released its policy statement and Fed Chair Jerome Powell held his press conference. Rates improved Thursday and Friday from the worst levels though, ending the week only slightly worse from the week before.
Mortgage Rate Forecast: Rates should remain near current levels
Although mortgage rates are higher than the best levels seen last year, rates still remain low when compared to averages over the past 10 years and beyond. If you're buying a home, you shouldn't need to worry about rates rising much this week, and if you own a home and you think you have missed your opportunity to refinance it may not be too late. Be sure to talk with your mortgage professional this week to find out your options.
What's affecting rates this week:
- Jobs Data: Most economic data this week won't affect mortgage rates, however Friday's jobs data is likely to cause rates to move a bit.
- The Fed: Markets will continue to react to speculation of upcoming Fed policy rate increases, expected to start in March, which have caused rates to rise in January.
