For the week of April 5, 2021
Recap of last week: Rates held steady
Average mortgage rates last week held steady, a good sign after seeing rates creep up the last couple months.
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. While it is not likely that rates will make any huge strides this week, it is likely to see improvement in rebate pricing (the credit you get towards closing costs from your lender, or the fee you pay to get a lower rate, often called 'points'). It is a great time to discuss getting prequalified to buy a new home or to consider refinancing the home you have now. Talk with your mortgage professional who shared this with you for details.
What's affecting rates this week:
- Fed comments: This week we will get the minutes from last month's Fed meeting, but there is unlikely to be anything surprising to investors that would cause rates to move.
- Economic data: There is not a lot of data this week, and what we do have is unlikely to cause any movements in rates.
- Fed speech: Fed Chair Jerome Powell will be speaking at the IMF meeting on Thursday, but it is unlikely to affect rates.
