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Forecast for the week of August 29, 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 moved higher

Average mortgage rates once again moved higher last week, although only slightly, as the PCE inflation data showed prices eased in July. However, comments by Fed Chair Jerome Powell from the Jackson Hole symposium pushed rates up a bit. Powell said the Fed will continue to raise policy rates to combat inflation, despite expectations that it will slow the economy and cause a recession.

This Week's Mortgage Rate Forecast:

Rates could improve, BUT...

Mortgage rates could improve this week, as talk of a slowing economy and a falling stock market fuels fears of a coming recession. However, we could still be a week away from improvement if bond prices start to slip this week as investors panic, pressuring rates higher instead.

What's affecting rates this week:

• Economic data: The big report this week will be jobs data on Friday, which could cause rates to move. A strong report could hurt rates, while a weaker report will help. There are also some manufacturing reports and a consumer confidence reading that will have a much lesser effect on rates but will play a role.
• Labor Day: Markets will be closed on Monday, and markets will likely be quiet on Friday after the jobs data as investors take off for a long weekend.

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: