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Forecast for the week of August 10, 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 ended the week unchanged to slightly better, although there were some fluctuations day to day.

This Week's Mortgage Rate Forecast

Rates will remain low

Average mortgage rates are not at risk of rising anytime soon, but are not likely to drop significantly. Underlying market conditions are favorable that rebate pricing, the credit lenders give towards closing costs or the points paid to get a lower rate, could improve slightly as the week progresses. There are risks to floating though that should be discussed with your local mortgage professional.

What's affecting rates this week:

• Economic data: Data on wholesale and retail inflation will come out this week, along with Treasury bond auctions that could affect pricing on a daily level but won't cause rates to rise overall.
• Economic stimulus: The Fed continues to buy Treasuries and mortgage bonds, helping to keep rates stable and low.
• Stimulus package: Although so far Democrats and Republicans have failed to come to a compromise on the next round of economic stimulus, it is likely both sides with continue to attempt to get a deal done despite President Trump's executive orders attempting to continue current 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.

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