For the week of April 18, 2022
Recap of last week: Rates slightly worse
Average mortgage rates moved higher last week as markets continued to prepare for the Fed to raise policy rates and reduce balance sheet holdings to slow down the economy and curb inflation.
Mortgage Rate Forecast: Rates could stabilize a bit
Mortgage rates this week are likely to see small day-to-day movements and may end the week slightly worse, but shouldn't move too much higher unless something unforeseen happens. With very little economic data to provide direction, look for investors to listen to Fed comments to anticipate where rates will move next. It is highly unlikely we could see rates improve much from current levels, and holding out for better rates could be problematic. Whether buying a home or thinking of refinancing, it is a good time to discuss options with your mortgage professional before rates possibly move higher later this month.
What's affecting rates this week:
- Economic data: The economic data and housing reports this week are unlikely to cause any rate movement.
- Fed speakers: This is the last week Fed members may make public comments before the blackout period for the next meeting begins April 23rd. Fed comments could cause day-to-day volatility in rates and pricing.
