For the week of July 24, 2023

Last Week's Mortgage Rate Recap: Rates slightly worse 👎
Mortgage rates moved slightly higher last week, but not by much.

This Week's Mortgage Rate Forecast: Rates could be volatile ⚠️
This week brings the Fed meeting that markets have been waiting for where the Fed is expected to raise its policy rate by .25%, although mortgage rates won't be affected because markets are already pricing in the expected increase. However, markets will be listening to the Fed statement and Fed Chair Powell's press conference for clues on future Fed moves. Stay in touch with you mortgage professional this week.

What's affecting rates this week:
- Economic data: Although this week does bring some economic data, we aren't likely to see mortgage rates react much unless mortgage rates improve after the Fed meeting and Friday's PCE inflation data points to cooling inflation. That could help rates continue to improve, if we do get a positive reaction after the Fed meeting.
- The Fed: Markets already expect the Fed to raise its policy rate at this Wednesday's meeting conclusion, but will be looking for signs of Fed rate hikes to come later this year. The Fed has already signaled most members want a second hike this year, if that is reinforced we could see mortgage rates suffer.