For the week of November 6, 2023

Last Week's Mortgage Rate Recap: Rates moved lower 👍
Mortgage rates dropped last week, helped by markets reacting to multiple reports. Economic data for the most part came in on the cool side, and less new jobs were created last month than was expected. The Treasury reported it will issue less new debt than was forecast, concerns of which have driven up rates recently. The Fed meeting also left markets speculating that the Fed is done raising rates and will need to cut sooner in 2024. All of this together helped mortgage rates move lower.

This Week's Mortgage Rate Forecast: Rates may creep higher 👎
This week there is little in the way of relevant economic data to affect mortgage rates, and it is unlikely we see rates move either much higher or much lower than they start the week. However, after seeing rates move lower last week, we may see them creep back a bit this week.

What's affecting rates this week:
- Fed speakers: Fresh off last week's Fed meeting, lots of Fed officials will be out speaking this week. Markets may react to their comments, which could affect mortgage rates.
-10yr yield: After testing 5% in October, the 10yr Treasury yield has fallen back. If it starts to move higher, it could take mortgage rates with it.