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Forecast for the week of May 18, 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 improved slightly

Average mortgage rates among lenders worsened early in the week before improving steadily to end the week slightly better.

This Week's Mortgage Rate Forecast

Mortgage Rate Forecast: Rates likely to remain low

Mortgage rates are likely to stay low this week, and could get slightly worse to begin the week before ending the week at or near the same rates and pricing the week started with. For some borrowers rates will remain the same but they may see slightly higher or lower closing costs or points at different times during the week.

What's affecting rates this week:

• Housing data: Housing data this week is helpful for gauging where the housing market is headed, but is not likely to have a direct effect on rates.
• Economic data: No data this week likely to affect pricing.
• The Fed: The Fed continues to buy Treasuries and mortgage bonds, helping to keep rates stable and low. Minutes from the Fed's last meeting will be released this week as well, and investors will look for signs of future Fed action, but it shouldn't have much effect on rates.
• Economy reopening: Investors are monitoring economic recovery and COVID-19 activity as states continue to reopen.
• Memorial Day: Lenders may set rates more conservatively over the long weekend.

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 or jayhemmer@gmail.com.

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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