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Forecast for the week of February 22, 2021

Please enjoy this complimentary mortgage rate forecast provided to keep you informed of where interest rates may be headed.

Last Week's Mortgage Rate Recap

Rates worse

Average mortgage rates got significantly worse last week, after the threat of a strongly improving economy and inflation pressured rates higher as anticipated.

This Week's Mortgage Rate Forecast

Rates likely to worsen

Average mortgage rates are likely to continue to get worse this week. It is a good time to discuss locking in a rate with your mortgage professional and to assess your options. Although rates are moving higher, they are still near all time lows and it remains a good time to consider buying or refinancing.

What's affecting rates this week:

• Stimulus package: The impending passage of President Biden's $1.9 trillion relief package continues to push rates higher as markets prepare for the influx of debt needed to fund the bill and the anticipation that it will contribute to overheating the economy and causing inflation (which is bad for rates).
• Economic data: Housing data being released this week will not affect rates, but GDP data, along with spending data and inflationary data late in the week could affect rates.
• Fed testimony: Fed Chair Jerome Powell has his semi-annual update on the economy hearings before Congress this week, and his words could cause some movements in markets, affecting rates.

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

Interest Rate Forecast and Commentary provided by:

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