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Forecast for the week of August 1, 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

Average mortgage rates improved once again last week despite a strong inflation reading on Friday, as fears of recession outweighed fears of inflation. The Fed raised the fed funds rate .75%, but that doesn't raise mortgage rates. Mortgage rates actually improved on the news, because of the Fed's strong moves to fight inflation.

This Week's Mortgage Rate Forecast:

Rates could improve further

As the week starts, it looks like mortgage rates are poised to improve further as recent economic data shows that the aggressive Fed rate hikes have started to slow the economy, which should help curb inflation. There is speculation that runaway inflation has now peaked, and we could be seeing a tipping point where rates may move lower in August than what we averaged in July.

What's affecting rates this week:

• Economic data: A quiet week for data that will have a strong impact on mortgage rates, other than Friday's jobs data. If the jobs data shows the labor market is softening, it could help rates improve. A strong showing though could be bad for mortgage rates in the short term.
• Fed speakers: As different Fed members speak this week, we could see rates react to speculation of future Fed actions.

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: