Last Week's Mortgage Rate Recap: Rates slightly better 👍
Mortgage rates improved last week after inflation data showed both consumer and wholesale inflation were less affected by the recent tariffs and came in lower than expected. Inflation is a big enemy of mortgage rates, so lower inflation left the door open for rates to improve on the week.
This Week's Mortgage Rate Forecast: Rates could be volatile ⚠️
This week, mortgage rates could bounce around day to day, although we shouldn't see big moves for the week. The main event is Wednesday's Fed activity, which is always a mover for mortgage rates. However, markets are closed on Thursday for Juneteenth, which means we may see more movement on Friday.
What's affecting rates this week:
- The Fed: The Fed is expected to leave its policy rate unchanged at this month's Fed meeting, but markets will be looking at the new rate forecast issued each quarter by Fed members. Fed Chair Jerome Powell's press conference following the Fed statement has the potential to affect rates, as Powell answers press questions about the Fed's outlook on tariffs, inflation, and other topics. We could see mortgage rates change through the day on Wednesday afternoon as markets digest the Fed's comments.