𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗔𝘂𝗴𝘂𝘀𝘁 𝟮𝟰, 𝟮𝟬𝟮𝟬
𝗥𝗲𝗰𝗮𝗽 𝗼𝗳 𝗹𝗮𝘀𝘁 𝘄𝗲𝗲𝗸: 𝗥𝗮𝘁𝗲𝘀 𝗶𝗺𝗽𝗿𝗼𝘃𝗲𝗱 𝘀𝗹𝗶𝗴𝗵𝘁𝗹𝘆 
Average mortgage rates among lenders improved slowly through the week, and ended the week slightly better, rebounding from the previous week's sudden jump in rates.
𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗖𝗵𝗮𝗻𝗰𝗲𝘀 𝗮𝗿𝗲 𝗴𝗼𝗼𝗱 𝘁𝗵𝗮𝘁 𝗿𝗮𝘁𝗲𝘀 𝗰𝗮𝗻 𝗶𝗺𝗽𝗿𝗼𝘃𝗲
Average mortgage rates have room to improve this week, further recovering from the unexpected and sudden rate jump we saw a couple of week's ago after the FHFA fee announcement raised rates (for more information on this, please contact your Mortgage Professional). There's a better-than-average likelihood that rates will get better, but caution should still be taken when floating rates.
𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: Nothing Monday, but then a full week of economic and housing data could play a role in mortgage rates this week. Markets will see data on inflation, GDP, and the labor market.
- Jackson Hole symposium: Fed Chair Jerome Powell will be speaking at the 2-day event on Thursday, and investors will be listening. Could cause some fluctuation in rates for the morning.
- Market technicals: The 10yr Treasury and mortgage bonds are signaling that we could see rates improve more this week, despite stocks rallying on news of potential COVID-19 treatments.