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Forecast for the week of September 14, 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 were slightly better than the previous week, but the improvement was mainly in better rebate pricing (the credit a lender gives towards closing costs or the cost to buy down to a better rate).

This Week's Mortgage Rate Forecast

Rates will remain low

Average mortgage rates will remain low this week, but are likely to end the week near the same levels. With a Fed meeting and lots of economic data, we could see some small movements from day-to-day, but rates shouldn't move too much one way or the other.

What's affecting rates this week:

• Economic data: Despite no data on Monday, the rest of the week has a lot of economic data that could cause small movements in the underlying markets that control mortgage rates.
• Economic stimulus: The Fed continues to buy Treasuries and mortgage bonds, helping to keep rates stable and low.
• Fed Meeting: The two-day Federal Open Market Committee meeting concludes Wednesday with a Fed policy and rate statement, and is the event most likely to cause any movement in rates this week.
• FHFA Fee: A government fee from the Federal Housing Finance Agency that increases the costs of a refinance. Discuss this one with your mortgage professional.

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 roger@hmrsol.com.

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