For the week of April 6, 2020
Recap of last week: Rates were slightly higher
Mortgage rates still volatile, meaning we are seeing rates change daily and sometimes during the same day in what lenders call a "reprice", although much less so than previous weeks. Rates ended the week slightly higher on a national average, although this may not necessarily have been the case for your lender.
Mortgage Rate Forecast: Rates likely to move up and down through the week
Mortgage rates are likely to continue to move up and down as the week progresses, meaning you should stay in close contact with your mortgage professional if you are in a position to lock your loan interest rate. For those that are monitoring rates for refinances, this week may bring periods of slightly lower rates, but rates are not likely to drop too far from here.
What's affecting rates this week:
- The Fed: Fed bond buying (called quantitative easing) is helping to stabilize rates and is keeping rates low.
- Unemployment: Huge amounts of borrowers unable to make their mortgage payments are causing investor concerns that are playing a role in stopping rates from falling further.
- COVID-19: Concerns over the economic fallout of the crisis continue to help keep rates low.
