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Forecast for the week of May 20, 2024

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 lower

Mortgage rates improved slightly last week when April's consumer price index report showed inflation easing for the first time in months. Rates were further helped when other data showed retail sales were unexpectedly flat last month.

This Week's Mortgage Rate Forecast:

Rates likely to hold steady

This week it is likely that mortgage rates will move slightly day-to-day, but will be basically unchanged for the week. Mortgage rates have settled in to a range anticipating that the Fed will cut rates two times this year, with the first cut likely to come at the September Fed meeting. Rates are not likely to move much lower unless we see more data showing the economy and labor market are slowing down while inflation is easing.

What's affecting rates this week:

• Fed speakers: Many of the Fed officials will be speaking this week, likely spreading the message that the Fed will keep its policy rate steady until later this year.
• Early close Friday: Markets will close early on Friday and be closed on Monday for Memorial Day. Lenders will also be closed on Monday.
• Economic data: There is little in the way of data this week to influence mortgage 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:

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.