For the week of December 26, 2022
Recap of last week: Rates slightly higher
Average mortgage rates crept a bit higher last week, although the movement wasn't much and was mainly due to low trading volumes during the end of year holidays. Mortgage rates are tied to the markets, and the low trading volume can cause a bit of choppiness for rates.
Mortgage Rate Forecast: Rates should be unchanged
The week between Christmas and New Years is usually a quiet week for mortgage rates, and we don't usually see much movement. While it is possible that rates could creep up or down slightly, it is likely that we end the week with rates basically the same.
What's affecting rates this week:
- Economic data: There is very little data being reported this week, and nothing that should affect mortgage rates.
- Holidays: Mortgage rates are tied to the performance of securities on the bond market, which was closed Monday in observance of Christmas and will close early Friday for New Years. The bond market will also be closed on Monday 12/2 for New Years. This should help mortgage rates remain basically unchanged for the week.