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Forecast for the week of August 31, 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 improved slightly

Average mortgage rates among lenders improved slightly last week as was forecast, with most lenders ending the week with slightly better rates than when the week began.

This Week's Mortgage Rate Forecast

Rates will remain low

Average mortgage rates will remain low this week, and although we are not likely to see rates move much lower, we could see slightly better rebate pricing (the credit a lender gives you towards your closing costs or the cost to obtain a better rate, usually referred to as 'points'). There is a small window for those homeowners who have not yet refinanced to take advantage of low rates before the recently delayed FHFA fee is going to be reimplemented. Contact your local mortgage professional for details and to find out if now is the best time for you to consider refinancing.

What's affecting rates this week:

• Economic data: Not much data early in the week, but Friday's jobs data could affect rates heading into the weekend.
• Economic stimulus: The Fed continues to buy Treasuries and mortgage bonds, helping to keep rates stable and low.
• Market technicals: The 10yr Treasury and mortgage bonds are signaling that we could see rates improve slightly this week.

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.

Interest Rate Forecast and Commentary provided by:

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