For the week of May 03, 2021
Recap of last week: Rates remain low
Average mortgage rates ended the week largely unchanged, maintaining some of the lowest rates seen in months. Concerns about last week's Fed meeting proved unfounded, as the Fed committed to maintaining efforts to support the economic recovery.
Mortgage Rate Forecast: Rates will remain low
Rates this week are not likely to move up or down much, but we could see some small day-to-day movements in rebate pricing (the credit you get towards closing costs from your lender, or the fee you pay to get a lower rate, often called 'points'). There is not a lot of risk right now in seeing rates creep up if you are house hunting, and it is a great time to talk with your trusted mortgage professional if you're considering refinancing.
What's affecting rates this week:
- Fed stimulus: Last week the Fed committed to maintaining the current pace of bond buying for the foreseeable future, which is helping to keep mortgage rates low.
- Economic data: Although there is quite a bit of economic data scheduled for release this week, there is not much market moving data to be concerned about. However, Friday's jobs data could have an affect on rates near the end of the week.
