Last Week's Mortgage Rate Recap: Rates moved higher 👎
Mortgage rates actually improved last week after the Fed meeting and press conference on Wednesday, but saw the gains disappear when Friday's jobs data came in crushing expectations with almost double the new jobs created than was forecast. Mortgage rates ended the week slightly worse than the previous week.
This Week's Mortgage Rate Forecast: Rates likely to move higher 👎
This week rates are likely to move higher as markets give up on a March Fed rate cut and start to question if we will even see one at the next meeting in May. Mortgage rates will creep higher if markets believe that the Fed will not cut until later in the year, and the strong economic data and labor market data we've seen the last few weeks makes it unlikely the Fed will need to cut rates to stimulate the economy anytime soon.
What's affecting rates this week:
- Economic data: There is no economic data this week that is likely to either push mortgage rates higher or lower.
- Fed speakers: There will be members of the Fed speaking every day this week, sharing their opinion on when the Fed should start cutting rates. Mortgage rates will creep higher if markets believe the Fed will not cut until later in the year.