For the week of December 12, 2022

Recap of last week: Rates unchanged
Average mortgage rates didn't move much over the last week, although they did move a bit from day-to-day to end the week basically unchanged.

Mortgage Rate Forecast: Rates could be volatile
Rates could make big moves this week as we get two major events - consumer inflation data and the Fed meeting and press conference. Rates could improve or get worse, depending on how the data comes out as well as how markets react. It's a good week to stay in touch with your mortgage professional and discuss locking if concerned.

What's affecting rates this week:
- Economic data: Tuesday morning before rates are set, November's CPI consumer inflation data comes out. October's report came in better than expected, helping rates fall from the 7's back into the 6's. If this report also shows inflation is easing and comes in better than expected, we could see rates improve. However, if the data comes in worse than expected we could see rates surge higher.
- The Fed: The Fed is expected to raise policy rates by .50% at this week's meeting, as well as forecast how high it will raise rates in 2023 and at what pace. The Fed's outlook is going to be influenced by Tuesday's inflation data, and will affect mortgage rates immediately.