For the week of November 27, 2023

Last Week's Mortgage Rate Recap: Rates remain steady 👍
As was expected, rates were basically unchanged last week when markets slowed down over the Thanksgiving holiday. After reaching the highest rates in decades in October, rates have fallen in November on expectations that the Fed is done raising rates.

This Week's Mortgage Rate Forecast: Rates could improve slightly 👍
This week it is likely to see rates once again remain relatively unchanged or improve slightly, depending on how some of the economic data comes in for the week including the Fed's favorite inflation gauge. However, it is next week's labor market data and the following week's inflation data and Fed meeting that hold the most potential for rates to improve through the middle of December.

What's affecting rates this week:
- Economic data: This week includes consumer confidence data, a revision of the 3rd quarter GDP, and the PCE inflation report along with lots of housing data. Signs of a slowing economy could help rates hold steady, while signs of economic strength could pressure rates to creep slightly higher.
- The Fed: Markets believe the Fed is done raising rates, and are looking for signs of when the Fed will begin to actually cut rates in 2024.