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Forecast for the week of August 8, 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 worse

Average mortgage rates started off last week improving, but ended the week higher after strong jobs and unemployment data showed the labor market wasn't yet cooling off. The number of new jobs created was more than double what was forecast, and unemployment numbers fell. A strong labor market means the Fed is more likely to raise rates higher at the September Fed meeting, and mortgage rates were negatively impacted on the speculation.

This Week's Mortgage Rate Forecast:

Rates could see some volatility

Mortgage rates this week could move significantly day-to-day based on how markets react to consumer and wholesale inflation data as well as consumer sentiment readings. The longer term outlook is still good for rates, but it is a good week to stay in touch with your mortgage professional if you have a loan closing soon.

What's affecting rates this week:

• Economic data: Consumer inflation data comes in on Wednesday, and wholesale inflation data comes in Thursday. Consumer sentiment data comes in on Friday. If markets see inflation peaking or retreating, that will be good for rates, but if inflation is strong that could be bad for rates this week.
• Fed speakers: Multiple Fed speakers this week could influence 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: