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Forecast for the week of June 3, 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 were volatile

Last week saw mortgage rates move quite a bit higher by midweek, only to recover and end the week almost unchanged. Rates rose as consumer confidence readings unexpectedly came in higher on Tuesday, but were helped by slightly better than expected inflation data on Friday.

This Week's Mortgage Rate Forecast:

Rates may improve, but there is risk

Mortgage rates are sure to move this week, and hopefully improve, but it will depend on the data. This week brings lots of jobs data, and any signs of a softening labor market will help mortgage rates improve ahead of next week's Fed meeting and inflation data. However, if the labor market data shows strength instead of the expected weakness, we could see mortgage rates move higher.

What's affecting rates this week:

• Jobs data: This week brings the job opening and labor turnover survey on Tuesday, the ADP private payroll report on Wednesday, jobless claims on Thursday, and the report that will have the most impact on mortgage rates on Friday, the BLS jobs report.
• Other economic data: There are a few other reports this week that will give insight into whether the economy is slowing down or not, which could help mortgage rates this week.
  

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.