For the week of April 1, 2024

Last Week's Mortgage Rate Recap: Rates unchanged 👍
Rates remained basically unchanged last week, not really moving much day-to-day. There was little economic data to worry about, and it was a holiday week with markets closing early on Thursday and closed Friday.

This Week's Mortgage Rate Forecast: Rates may improve 👍
Although rates will likely start the week worse, there are lots of opportunities to see rates improve by the end of the week with help from data showing a weakening labor market which could support the Fed cutting rates sooner, say in June.

What's affecting rates this week:
- Economic data: There is at least one report each day this week involving jobs and the labor market, which could cause mortgage rates to move day-to-day. Friday brings the most important data, with the highest chance to move rates. Data showing a weakening labor market will help rates, stronger than expected data will hurt rates.
- The Fed: Mortgage rates won't improve much unless markets believe the Fed will cut rates soon. Right now, Fed officials have said they aren't in a hurry to cut rates until they see clear confirmation that inflation is still moving lower. We need signs of softening labor market and weaker economy to create urgency for the Fed to cut rates.