For the week of June 22, 2020
Recap of last week: Rates slightly worse
Average mortgage rates among lenders ended last week slightly worse, but not by much, and rates remain near record low levels.
Mortgage Rate Forecast: Rates could improve slightly
Mortgage rates could improve slightly this week, recovering some of the losses from last week. If rates do improve it won't be too much, and at these low rates it is usually a bad idea to try and hold out for even lower rates. Instead, take the advice of a mortgage broker or lender you trust when it comes to locking your rate. Even if rates don't improve it is still a great time to take advantage of near record low rates.
What's affecting rates this week:
- The Fed: The Fed continues to buy Treasuries and mortgage bonds, helping to keep rates stable and low.
- Economic data: There is some housing data this week, but that won't affect rates. Even the inflation and GDP data later this week is unlikely to play much of a role for mortgage rates.
- The Technicals: Mortgage bonds showing signals that we could see improvement this week, which could help rates improve slightly.
