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Forecast for the week of February 1, 2021

Please enjoy this complimentary mortgage rate forecast provided to keep you informed of where interest rates may be headed, and to help you gain the advantage when securing low rates and payments.

Last Week's Mortgage Rate Recap

Rates basically unchanged

Average mortgage rates improved slightly midweek before losing ground to end the week basically unchanged. The improvements were small, mainly improving rebate pricing rather than actually improving rates. Rates remain near record lows.

This Week's Mortgage Rate Forecast

Rates will remain low but could worsen slightly

Average mortgage rates will remain low, but may end the week at least slightly worse depending on how markets perform this week. We may also see some small day-to-day movements in rebate pricing, the credit a lender provides towards closing costs based on what rate you choose, or the cost to obtain a lower rate (often called 'points').

What's affecting rates this week:

• Economic data: Not much to worry about this week, but Friday's jobs data could cause some small movement for rates and pricing.
• Fed bond purchases: The Fed continues to buy Treasuries and mortgage bonds, helping to keep rates low and generally stable.
• Bond pricing: Lenders set mortgage rates based on the pricing of mortgage bonds, which face technical resistance to improving further. This points to the possibility of rates getting slightly worse, while unlikely to improve much from here.

If you would like to discuss interest rates further or find out the benefits of locking your rate today, please contact your mortgage professional at or .

Interest Rate Forecast and Commentary provided by:

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