For the week of March 29, 2021
Recap of last week: Rates slightly improved
Average mortgage rates had their best week in months, ending the week slightly better. This was the first time in eight weeks that rates have improved, albeit slightly.
Mortgage Rate Forecast: Rates likely hold steady, maybe slightly improve
Average mortgage rates will likely move around a bit day-to-day this week, but should end the week similar to where they started or even a bit better. Mortgage rates are based on movements in the bond market, and bonds appear to have settled down after pricing in expected inflation and the economic recovery. This is good for mortgage rates, which have been trending higher in recent weeks, making it a great time to talk to your mortgage professional about buying a home or refinancing.
What's affecting rates this week:
- Good Friday: Bond market closes 12pm ET Friday in observance of Good Friday, some lenders may be closed.
- Economic data: Most of this week's data won't affect rates, but Friday's jobs data could cause some volatility, especially with an early market close on the same day.
- Month end trading: Wednesday marks the last day of the month, and we could see some unexpected bond market movement influence rates as traders adjust portfolio holdings.
