For the week of May 30, 2022

Recap of last week: Rates slightly improved
The good news is that average mortgage rates improved slightly last week, with many lenders able to lock in rates that we haven't seen since April. The bad news is that the underlying markets used to set mortgage rates showed signs that we probably were not going to see much further improvement from here.

Mortgage Rate Forecast: Rates likely to move slightly higher
Average mortgage rates are likely to move slightly higher this week, but shouldn't be at risk of rising too quickly or too significantly. If you are closing soon and considering locking, you may want to discuss it with your mortgage professional to see if it is a good time to lock in a rate. For those unable to lock in a rate yet, there is no need to panic, but you may want to prepare for slightly higher rates this week.

What's affecting rates this week:
- Economic data: A full slate of data, including Friday's jobs data which could have an effect on rates.
- Bond market: Mortgage rates fluctuate based on the performance of mortgage bonds, with rates improving when bonds improve. However, mortgage bonds are poised to lose value this week, and could contribute to rates creeping slightly higher for the week.