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Forecast for the week of May 16, 2022

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 improved

Mortgage rates improved last week after hitting some of the highest rates seen since 2018 the previous week. Last week's inflation data showed inflation is still a problem, but was slightly better than the previous month.

This Week's Mortgage Rate Forecast:

Rates should hold steady, could possibly improve slightly

Mortgage rates should continue to stabilize this week, meaning that we shouldn't see rates continue to creep higher week after week as we have seen through most of 2022. Markets have already priced in the next couple of expected half point Fed rate hikes in June and July, giving mortgage rates a chance to settle down. It is unlikely we see rates drop significantly from here, and although rates may fluctuate up and down a bit like normal we don't appear to be at risk of rapidly rising rates this week.

What's affecting rates this week:

• Economic data: This week's economic data includes retail sales and housing reports, but shouldn't affect rates for the week.
• Fed rate hikes: The Fed is expected to raise rates at the next couple of meetings, but comments by Fed officials have markets anticipating half point rate hikes which have already been accounted for. If something changes here, it could affect rates.

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: