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Forecast for the week of August 3, 2020

Please enjoy this complimentary mortgage rate forecast to keep you informed of where interest rates may be headed, to help you gain the advantage when securing low rates and payments.

Last Week's Mortgage Rate Recap

Rates slightly better

Average mortgage rates among lenders started last week off slightly worse before ending the week just slightly better, mostly in the form of lower closing costs or lower points needed to get an improved rate.

This Week's Mortgage Rate Forecast

Rates will remain low, but could end the week slightly worse

Rates should remain low this week, with little volatility to worry about. However, rates could pull back slightly from recent levels as the week progresses. Since mortgage rates hover at or near record lows, there's not much room to go lower, making it a great time to buy a home or consider refinancing.

What's affecting rates this week:

• Economic data: Jobs data comes out this week, and could cause some short term volatility in rates on Friday. The data is likely to point to the economic recovery weakening, helping keep rates low when the dust settles.
• Economic stimulus: The Fed continues to buy Treasuries and mortgage bonds, helping to keep rates stable and low.
• Stimulus package: Although Republicans and Democrats continue to be far apart on a fifth round of stimulus, when a deal is announced as being likely it could pressure rates slightly higher as debt supply would increase to pay for the stimulus.

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 (888) 777-9999 or jayhemmer@gmail.com.

Interest Rate Forecast and Commentary provided by:

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