Last Week's Mortgage Rate Recap: Rates slightly improved 👍
Rates improved last week, even as jobs data indicated a resilient labor market despite the Fed maintaining higher policy rates. However, the gains were small, with rates remaining relatively steady for the second consecutive week instead of seeing the expected volatility.
This Week's Mortgage Rate Forecast: Rates could improve 👍
A lot is happening this week that could impact mortgage rates, with inflation being the biggest factor. While some day-to-day rate fluctuations are expected, significant swings in either direction are unlikely.
What's affecting rates this week:
- Tariffs: While still making headlines, traders seem less concerned about tariffs, and they are not having a significant impact on mortgage rates.
- Fed speakers: This week features several speeches from Fed officials, with the most notable being Fed Chair Powell’s semiannual testimony before Congress, where he will discuss the economy, interest rates, and inflation outlook.
-Inflation: Consumer inflation data will come out on Wednesday, and is expected to have the biggest impact on mortgage rates this week. Higher inflation could push rates up, while inflation in line with expectations should keep rates steady.