For the week of April 3, 2023

Recap of last week: Rates moved higher 👎
Last week saw mortgage rates move up from the previous week's lows, but were still better than the first half of March. Rates were pretty consistent through the week, with little movement day-to-day and no real volatile days.

Mortgage Rate Forecast: Rates could move higher 👎
Now that the banking turmoil has died down, and markets have been assured that this isn't a systemic failure reminiscent of 2008, expectations of a Fed rate hike in May have increased. That is pressuring mortgage rates for the week. We could see rates do well early in the week, but should be careful near the week's end as the jobs data could push mortgage rates higher.

What's affecting rates this week:
- Economic data: Jobs data comes on Friday this week, which is Good Friday. Normally the bond market is closed on Good Friday, but it will be open with an early close of 2pm because of the jobs data, while the stock market will be closed for the day. Due to the holiday weekend, we may see more volatility than usual, and rates could move higher quickly if the jobs data shows a strong labor market.
- The Fed: As markets anticipate future Fed rate movements, mortgage rates will be affected. Fed members speaking this week could swing sentiment.