For the week of November 14, 2022

Recap of last week: Rates improved
Average mortgage rates improved significantly last week ahead of the Veterans Day holiday weekend, when the CPI inflation report came out showing inflation had decreased much more than was expected. Last week we said "only a surprisingly big drop in inflation would support rates improving", which is exactly what happened. We were concerned the report could have actually pushed rates higher, so this was a welcome surprise.

Mortgage Rate Forecast: Rates should remain lower
This week we expect mortgage rates to hold onto the improvements we saw from last week, the first significant rate improvements we have seen in months. However, markets have proven to be volatile the last few months, so it is suggested you stay in close contact with your mortgage professional about your unique situation in case that changes.

What's affecting rates this week:
- Economic data: Wholesale inflation data on Tuesday could play a small role in mortgage rates this week, and although we will get housing data this week it isn't likely to affect rates.
- The Fed: We will have more Fed members speaking this week, and if they signal higher Fed policy rates are likely we could see some adverse effect on mortgage rates.