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Forecast for the week of May 4, 2020

Knowing where interest rates are headed may help you to obtain a lower rate or lower fees.

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

Last Week's Mortgage Rate Recap

Rates were slightly better

Average mortgage rates among lenders improved slightly last week compared to the week before, but most consumers may have only seen slightly better closing costs rather than actual rate improvement.

This Week's Mortgage Rate Forecast

Mortgage Rate Forecast: Rates likely to remain low

Mortgage rates are likely to stay low, but may see small movements up or down through the week. For some borrowers rates will remain the same but they may see slightly higher or lower closing costs or points. If you're looking at closing soon, be sure to discuss your unique situation with your mortgage professional to decide if now is a good time for you to lock in your rate.

What's affecting rates this week:

• Economic data: Friday brings jobs and wages data, but markets already know the labor market is greatly affected by the COVID-19 pandemic and weakness is not likely to cause much movement in rates.
• The Fed: Quantitative easing continues, with the Fed buying mortgage bonds and Treasuries to help keep rates stable and low.
• Trade tensions: Speculation that the COVID-19 virus could have come from a lab in Wuhan is escalating tensions with China and investors are concerned we may see a new trade war break out.

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 (888) 777-5555.

Interest Rate Forecast and Commentary provided by:

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.

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