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Forecast for the week of August 21, 2023

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 moved higher

Mortgage rates continued to rise last week and hit the highest levels of the year, without any signs of a weakening economy or a softening jobs market. Talk of a recession, which would have helped bring mortgage rates back down, has all but disappeared and has been replaced with talk of a soft landing... the term used for seeing cooling inflation while maintaining a strong labor market and economy.

This Week's Mortgage Rate Forecast:

Rates could get worse

The outlook right now is that rates could continue higher, and may not see improvement without some help from next month's labor and inflation reports. Rates already starting this week out higher than last week, as bond yields rise and mortgage bonds lose ground.

What's affecting rates this week:

• The Fed: Mortgage rates will not move much lower until expectations for future Fed rate cuts start to grow. Instead of cuts though, we could see markets price in another Fed rate hike before the end of the year, which would pressure mortgage rates even higher.
• Jackson Hole Symposium: Fed Chair Powell will speak about the outlook of the economy on Friday morning, and we could see mortgage rates affected by his speech.
  

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 .

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