For the week of April 29, 2024

Last Week's Mortgage Rate Recap: Rates unchanged 👍
With little economic data and with traders waiting for this week's Fed meeting, rates moved slightly day-to-day but the moves were small and rates ended the week basically unchanged.

This Week's Mortgage Rate Forecast: Rates could be volatile ⚠️
This week brings major labor market data and the Fed meeting and press conference. Although we try to forecast what this will mean for mortgage rates, depending on what is said and how the data comes out this week we could see mortgage rates move significantly up or down. A good week to stay in touch with your mortgage professional.

What's affecting rates this week:
- Economic data: Wednesday brings the first of many jobs reports for the week, and Friday brings the BLS jobs data which will have the greatest effect on mortgage rates. Continued signs of a strong labor market will pressure mortgage rates to move higher, while any surprise weakness could help rates improve, although not likely by much.
- Fed meeting: Wednesday brings the Fed policy statement, where the Fed is expected to keep rates unchanged but to signal that cuts are not likely until much later in the year. Powell's press conference after usually causes a strong reaction in mortgage rates.