For the week of October 30, 2023

Last Week's Mortgage Rate Recap: Rates moved higher 👎
Mortgage rates moved slightly higher last week, helped along with strong economic data and high bond yields.

This Week's Mortgage Rate Forecast: Rates will be volatile ⚠️
This week has many events that will affect mortgage rates, including a full calendar of economic data, multiple readings on the labor market and unemployment, a Fed meeting and press conference, and a widely anticipated borrowing report from the Treasury. Depending on how this week plays out, we could see rates move either higher or lower.

What's affecting rates this week:
- Economic data: Nothing Monday, but then a full week of economic and labor market data that will likely affect mortgage rates this week. Signs of a still strong economy and labor market could push mortgage rates higher, while signs of potential weakening could help rates improve.
- Treasury borrowing: Markets are anticipating the quarterly refunding announcement on Wednesday, which will show how much the debt the Treasury plans on issuing over the next three months.
- Fed meeting: Wednesday afternoon brings the Fed's policy statement, where it is expected to leave rates alone, and Fed Chair Powell's press conference which always causes market movement.