Last Week's Mortgage Rate Recap: Rates slightly better 👍
Mortgage rates once again moved lower last week, and similar to previous weeks the moves weren't large but were consistent. A string of recent data showing economic activity is slowing and consumer spending is falling has helped mortgage rates fall to the best levels of the year, although still much higher than last September.
This Week's Mortgage Rate Forecast: Rates could improve further 👍
This week brings a few economic reports, but more importantly, it will bring January's jobs data. Signs of labor market weakening, on top of the economic weakness we've seen recently, could help mortgage rates continue lower. If rates do move lower, it will likely continue at a slow and steady pace, as we've seen in the past few weeks.
What's affecting rates this week:
-Jobs data: Multiple reports this week about jobs and unemployment, although the Job Openings and Labor Turnover Survey will not be released until next week. Friday's BLS jobs data will have the biggest effect on mortgage rates to end the week.
-Market momentum: Markets have grown less optimistic about the economy, and concerns are rising that tariffs taking effect this week will bring about retaliatory actions from other countries.