🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟭𝘀𝘁, 𝟮𝟬𝟮𝟭
𝗥𝗲𝗰𝗮𝗽 𝗼𝗳 𝗹𝗮𝘀𝘁 𝘄𝗲𝗲𝗸: 𝗥𝗮𝘁𝗲𝘀 𝘀𝗹𝗶𝗴𝗵𝘁𝗹𝘆 𝗯𝗲𝘁𝘁𝗲𝗿 👍
Average mortgage rates last week improved to their best levels through the middle of the week, before ending the week just slightly improved from the week before. Most of the gains were in rebate pricing, meaning that consumers saw slightly lower closing costs, as markets reacted to economic data showing the economy had slowed down in the 3rd quarter and that inflation was still high.
𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗯𝗲 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗲 ⚠️
This week will see two big events that could affect mortgage rates. The first is on Wednesday, when the Fed will conclude this month's Fed meeting and release its policy statement, followed by Fed Chair Jerome Powell's press conference. The second is on Friday, when we will get this month's jobs reports and unemployment data. The potential for volatility makes this a good week to stay in touch with your mortgage professional.
🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: A quiet week for data other than Friday's jobs data, which could cause volatility in mortgage rates to end the week.
- Fed meeting: Wednesday the Fed will release its policy statement, which will likely include a reduction in monetary stimulus and could cause rate volatility.
