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Forecast for the week of July 5, 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 slightly

Average mortgage rates last week were slightly worse to begin the week, but turned the corner midweek and continued to improve to end the week slightly better after hitting the worst levels of the year a few weeks ago. Last week's improvements were mainly due to concerns that the economy will go into a recession caused by the Fed's aggressive rate hikes to bring down inflation.

This Week's Mortgage Rate Forecast:

Rates could see some volatility

Average mortgage rates this week a bit tougher to forecast, because the direction will hinge on how markets react to the Fed's minutes from last month's meeting as well as jobs data later in the week. After improving quite a bit the last couple of weeks, we may see rates pause for awhile before improving further. Whichever direction things go, we aren't likely to see significant improvement or worsening this week.

What's affecting rates this week:

• Recession fears: Concerns that the aggressive Fed rate hikes to come will cool off the economy have investors looking to the safety of bonds, helping mortgage rates.
• Economic data: Most data won't affect rates, but Friday's jobs data could.
• The Fed: Minutes from last month's Fed meeting on Wednesday could affect 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: