Last Week's Mortgage Rate Recap: Rates improved 👍
Mortgage rates showed improvement last week during the holiday-shortened trading period. The decline came as concerns eased over President-elect Trump's proposed tax and tariff policies.
This Week's Mortgage Rate Forecast: Rates could be volatile ⚠️
Expect potential fluctuations in mortgage rates this week as markets react to a slew of economic and labor market data. The general outlook suggests rates are more likely to increase rather than improve significantly as the year comes to a close.
What's affecting rates this week:
- Labor market data: A range of reports this week will cover job openings, labor turnover, private payrolls, and unemployment claims. The most significant update will be the Bureau of Labor Statistics (BLS) jobs report on Friday. Strong labor market data could push rates higher, while only unexpectedly weak results might lead to lower rates.
- Economic data: Reports on consumer sentiment and other economic indicators could drive rates higher if they point to a strong economy
- Fed speakers: Fed members will be out speaking, sharing opinions on if any more Fed policy rate cuts are needed to keep the labor market and economy on track.