Last Week's Mortgage Rate Recap: Rates moved higher 👎
Mortgage rates tried to find a ceiling last week after moving much higher the previous week when jobs data showed surprising strength in the labor market. However rates did move just slightly worse to end the week, getting little help from inflation data which came in showing inflation was still higher than expected.
This Week's Mortgage Rate Forecast: Rates not likely to improve 👎
This week isn't likely to bring much relief to mortgage rates, with little in the way of economic data or other events to help. Mortgage rates are being heavily influenced by speculation of future Fed rate cuts, with markets forecasting the Fed will likely only cut rates by a quarter point in November and leaving the door open for no rate cut at all.
What's affecting rates this week:
- Holiday: Although stocks are open, the bond market will be closed on Monday so mortgage rates should not change that day.
- Fed speakers: Lots of Fed officials out sharing opinions, most signaling they feel the Fed does not need to be in a hurry to cut rates to avoid a recession or protect the labor market. Mortgage rates have moved higher after expectations of bigger Fed policy rate cuts fell after September's strong jobs data.