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Forecast for the week of March 6, 2023

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 in securing low rates and payments.

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Last Week's Mortgage Rate Recap:

Rates moved higher

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Mortgage rates continued higher last week, pushed by strong economic data and market sentiment that the Fed will raise its policy rate higher in 2023 than anticipated earlier in the year. Rates did improve some on Friday after hitting their worst levels on Thursday.

This Week's Mortgage Rate Forecast:

Rates could move higher

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This week we get a lot of labor market data as well as testimony from Fed Chair Jerome Powell that will affect rates, and may push them higher. It is not likely that we see a significant drop in rates anytime soon while the labor market and economy continue to show strength.

What's affecting rates this week:

  • Jobs data: This week will bring data on new jobs created in February, as well numbers on wage growth and unemployment. If the data shows the labor market is weakening since January, it will help rates hold steady or possibly improve slightly. However, strong data will push rates higher.
  • The Fed: Current mortgage rates reflect markets' belief that the Fed will raise its policy rate through June to a high of 5.25%.
  • Fed Powell: Powell will testify in front of Congress this week, as he does twice a year, and his comments could pressure mortgage rates higher if they point to more Fed rate hikes.

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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All information provided is for informational purposes only, and we assume no responsibility to any person who relies on information contained in this report, and disclaim all liability in respect to decisions or actions or lack thereof based on any or all of the contents of this report. This is not an offer to lend.

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Hammer Solutions, LLC 260 Leaping Cat Ln Waynesville, North Carolina 28785 United States (973) 200-6808

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