For the week of April 24, 2023

Recap of last week: Rates slightly higher 👎
Rates crept higher last week as expectations shifted that the Fed will not need to cut rates as quickly as was previously expected.

Mortgage Rate Forecast: Rates should hold steady 👍
Rates are unlikely to make any big moves this week, although we could see some day-to-day movement from reactions to economic data. It is unlikely we see rates move significantly higher or lower though, meaning we are unlikely to see moves of more than .25%. There will be no Fed speakers this week, they are gagged ahead of next week's Fed meeting. Next week is much more likely to see rates move with the Fed meeting and jobs data, when rates could go either way depending on how things play out.

What's affecting rates this week:
- Economic data: Although there is no data on Monday, the rest of the week has data that could influence rates, including consumer confidence data, durable goods data, first quarter GDP readings, and PCE inflation data on Friday which is the Fed's preferred gauge of inflation.
- Fed outlook: Markets are pricing in a rate hike to fight inflation at next week's Fed meeting, and are expecting the Fed to pause further hikes but to hold its policy rate at 5% before possibly starting to cut rates in September.