🗓️ For the week of August 31 2020

Recap of last week: Rates improved slightly 👍

Average mortgage rates among lenders improved slightly last week as was forecast, with most lenders ending the week with slightly better rates than when the week began.

Mortgage Rate Forecast: Rates will remain low 👍

Average mortgage rates will remain low this week, and although we are not likely to see rates move much lower, we could see slightly better rebate pricing (the credit a lender gives you towards your closing costs or the cost to obtain a better rate, usually referred to as 'points'). There is a small window for those homeowners who have not yet refinanced to take advantage of low rates before the recently delayed FHFA fee is going to be reimplemented. Contact your local mortgage professional for details and to find out if now is the best time for you to consider refinancing.

🏡 What's affecting rates this week:

- Economic data: Not much data early in the week, but Friday's jobs data could affect rates heading into the weekend.

- Economic stimulus: The Fed continues to buy Treasuries and mortgage bonds, helping to keep rates stable and low.

- Market technicals: The 10yr Treasury and mortgage bonds are signaling that we could see rates improve slightly this week.