Last Week's Mortgage Rate Recap: Rates improved 👍
Mortgage rates moved lower last week, regaining some of the ground lost during the previous spike. Overall, markets were noticeably calmer and rates started strong early in the week but slipped on Thursday ahead of the long holiday weekend.
This Week's Mortgage Rate Forecast: Rates could move higher 👎
Mortgage rates are likely to remain volatile this week as markets react to ongoing tariff and trade war developments. There remains a risk that any new headlines or actions from the White House could cause rates to spike unexpectedly. Despite the volatility though, rates have not approached previous high levels of the year.
What's affecting rates this week:
- Firing the Fed: Concerns that President Trump may be seeking to remove Fed Chair Jerome Powell are shaking investor confidence in U.S. assets like stocks and bonds, adding pressure that could push mortgage rates higher.
- Tariffs and trade wars: Any news or new headlines about tariffs or the trade war with China could cause fast moves to rates, and could see rates move higher this week.
- Economic news: Economic reports this week could move mortgage rates, especially if they show signs of weakness or unexpected strength.