For the week of May 28, 2024

Last Week's Mortgage Rate Recap: Rates slightly higher 👎
Mortgage rates were just slightly higher to end the week ahead of the holiday weekend, although it wasn't much. Fed officials were out speaking last week, with most of them saying they needed to see more signs that inflation was still dropping before they would consider voting to lower the Fed policy rate later this year.

This Week's Mortgage Rate Forecast: Rates may creep higher 👎
Mortgage rates may continue to creep slightly higher this week, although we shouldn't see any big moves in rates. The big moves for rates could come next week when we get a lot of labor market reports and the BLS jobs data.

What's affecting rates this week:
- Inflation data: Friday brings the personal consumption expenditures index, the Fed's favored inflation gauge that tracks what goods and services consumers buy and how much they pay for them. Economists expect to see the smallest increase in inflation so far this year, which could help mortgage rates recover a bit if they creep higher through the week.
- Fed speakers: More Fed officials will be out speaking this week, likely to spread the same message as the members did last week, that the Fed needs to see inflation improve for a few months before cutting rates.