Last Week's Mortgage Rate Recap: Rates got a bit worse 👎
Although headlines may still be sharing a bit of delayed results, mortgage rates did indeed move slightly higher since the Fed meeting and rate cut on the 18th. Although that may be a bit confusing, it is because mortgage rates are based on other market factors not set by the Fed or directly tied to the Fed policy rate, and markets had already anticipated the Fed rate cut and accounted for it.
This Week's Mortgage Rate Forecast: Rates will be volatile ⚠️
Mortgage rates haven't moved much since the Fed meeting but that could change this week when markets get to look at the most recent jobs data from September. Depending on what the data shows, mortgage rates may move higher or lower from here.
What's affecting rates this week:
- Labor market data: This week brings quite a few different labor market reports throughout the week, with the biggest one coming on Friday. Signs of labor market weakness could help mortgage rates move lower, while any surprise strength in the labor market could pressure mortgage rates higher.
- Fed speakers: Fed members are out sharing their insight into the economy, labor market and future Fed policy rate cuts, influencing mortgage rates through the week.