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Forecast for the week of July 19, 2021

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 worsened through the middle of the week before ending the week slightly better. Rates shrugged off increased consumer and wholesale inflation, calmed by Fed Chair Jerome Powell's testimony to Congress about the recovering economy and future Fed actions.

This Week's Mortgage Rate Forecast:

Rates will remain low

Average mortgage rates this week could improve, especially for cash-out refinances. This is a good week to discuss your particular rate situation with your mortgage professional, who can give you proper insight and advise if now is the time to lock in your interest rate. Even if we don't see rates improve, they will remain low this week.

What's affecting rates this week:

• Global economy: Concerns about a slowdown in the global economic recovery have pushed investors both overseas and domestically to seek shelter in safe havens (like mortgage bonds), which helps keep mortgage rates low.
• Peaking economy: There are concerns among investors that the economy has already peaked in its recovery, and that stocks are too optimistic. This also has investors seeking safety in bonds, helping rates.
• Economic data: There is no relevant economic data this week that should have an effect on 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: