For the week of March 4, 2024

Last Week's Mortgage Rate Recap: Rates were unchanged 👍
Similar to last week, mortgage rates moved slightly higher through the middle of the week before dropping back on Thursday and Friday to end the week unchanged.

This Week's Mortgage Rate Forecast: Rates could improve but there is risk ⚠️
It may be overly optimistic, but we think rates could improve this week with some help from labor market data and the Fed. However, this data could also push rates higher if it comes in showing a stronger labor market and economy. Remember, mortgage rates can only move lower once markets anticipate Fed rate cuts are more likely to come earlier in the year in June or possibly May, which is not the case right now.

What's affecting rates this week:
- Economic data: This week is full of labor market data, starting on Wednesday and wrapping up with Friday's big BLS jobs report. Last month's BLS report showed unexpected labor market strength and sent mortgage rates moving higher through February. Hopefully this month we see revisions to last month's data that shows a much softer labor market.
- The Fed: Fed Chair Jerome Powell will testify in front of Congress this week, as he does twice a year. His comments Wednesday could affect mortgage rates this week.