Last Week's Mortgage Rate Recap: Rates slightly improved 👍
Rates last week were volatile day-to-day, moving higher midweek when consumer inflation data came out showing inflation for January was higher than expected. By week's end, however, rates had recovered and after weak retail sales data on Friday ended the week slightly better.
This Week's Mortgage Rate Forecast: Rates likely to be stable 👍
This week is light on economic data, as well as a short week with markets closed for Presidents Day, which makes it likely that rates will not move much. There may be some day-to-day movement, but unless there is a surprise event, rates will likely end the week relatively unchanged.
What's affecting rates this week:
- Presidents Day: Markets will be closed on Monday, and rates won't change.
- Tariffs: Although many proposed tariffs have been postponed, continued concerns from traders could play at least a small role in mortgage rates for the week.
- The Fed: Markets are still contemplating the potential for Fed rate cuts later this year, and the minutes from the last Fed meeting will be released this week. However, Fed rate cut expectations will only play a small role in mortgage rates this week.