Last Week's Mortgage Rate Recap: Rates unchanged👍
Although mortgage rates didn't improve for an eighth week in a row, they did hold steady. Friday's jobs data showed some weakness in the labor market, helping rates open a bit better, but comments from Fed Chair Jerome Powell later in the day that the economy was in a good place and the Fed was "well positioned to wait for greater clarity," caused rates to end the week unchanged.
This Week's Mortgage Rate Forecast: Rates could improve further 👍
This week begins with market concerns about a potential economic and labor market slowdown, with some even mentioning the word "recession." However, it is still too early to determine if that will happen. Inflation data, along with other economic and labor market reports, will influence interest rates in the coming days.
What's affecting rates this week:
- Jobs data: The Job Openings and Labor Turnover Survey will be released this week, and if the data points to a weakening labor market, it could help rates improve.
- Inflation data: The consumer price index report will come out on Wednesday, and wholesale inflation data will come out on Thursday. Falling inflation could help rates improve, but higher inflation could push rates higher for a few days.