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Forecast for the week of August 26, 2024

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 better

Mortgage rates moved slightly lower for the week, although most media sources are still behind the curve and some of the headlines about how low rates are at have been overblown. Rates got a boost on Friday from Fed Chair Powell's comments that "the time has come for policy to adjust".

This Week's Mortgage Rate Forecast:

Rates could creep a bit lower

Rates are not likely to make any big moves this week, but could continue to creep lower, usually improving the lender rebate (credit you get towards closing costs or the cost to buy a rate down using points) rather than seeing actual rates move lower.

What's affecting rates this week:

• Economic data: Thursday brings the final 2nd quarter GDP data, and Friday brings the PCE inflation data, which is the Fed's favorite gauge of inflation. Markets didn't react much to the CPI inflation data earlier in the month, which could signal we won't see a big reaction to Friday's data.
• Labor Day: Markets are closed Monday September 2nd, so we could see some conservative rates on Friday this week ahead of the holiday weekend.
• Fed rate cuts: Mortgage rates could react favorably if markets speculate larger Fed rate cuts coming at the September meeting.
  

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:

All information provided is for informational purposes only, and we assume no responsibility to any person who relies on information contained in this report, and disclaim all liability in respect to decisions or actions or lack thereof based on any or all of the contents of this report. This is not an offer to lend.