Last Week's Mortgage Rate Recap: Rates climbed higher 👎
After holding steady at the start of the week, mortgage rates inched upward, continuing their rise after reaching the lowest levels of 2024 in September.
This Week's Mortgage Rate Forecast: Rates likely to keep rising 👎
Rates have already increased on Monday, and there’s little to suggest a reversal this week. Just a few weeks ago the outlook pointed to rates slowly decreasing, but now the trend has flipped and we could see rates continue to climb.
What's affecting rates this week:
- November's approach: Though it’s a couple of weeks away, November could bring increased volatility. With jobs data, the election, and the Fed meeting on the horizon, mortgage rates may face even more upward pressure.
- Economic data: Only a few economic reports are expected later this week, but if they indicate a strong economy, it could push rates even higher.
- Fed rate cuts: Markets now expect a quarter-point policy rate cut at the November Fed meeting, with a 75% chance of another cut in December. If speculation of further cuts declines due to strong economic and labor data, mortgage rates may rise.