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Forecast for the week of July 18, 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 slightly better

Average mortgage rates last week improved slightly, despite stronger than expected consumer inflation data. Inflation usually pressures rates higher, but markets are anticipating another large rate hike by the Fed next week and are concerned about a coming recession. Recession risks usually push rates lower.

This Week's Mortgage Rate Forecast:

Rates likely remain about the same

Average mortgage rates this week aren't likely to move much higher or lower ahead of next week's Fed meeting. Although this week has some housing data, there are no big economic reports that should affect rates. While rates may vary slightly day-to-day, we aren't likely to see any big moves higher or lower.

What's affecting rates this week:

• Recession fears: Concerns that the aggressive Fed rate hikes will cool off the economy continue to help mortgage rates from moving too much higher.
• Economic data: Not really any data on the calendar this week that should have a big affect on rates.
• European Central Bank meeting: Thursday's meeting of the ECB and rate announcement could affect rates on Thursday, although the effect is likely to be short lived and not too much to worry about.

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 .

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