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Forecast for the week of October 21, 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 climbed higher

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After holding steady at the start of the week, mortgage rates inched upward, continuing their rise after reaching the lowest levels of 2024 in September.

This Week's Mortgage Rate Forecast:

Rates likely to keep rising

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Rates have already increased on Monday, and there’s little to suggest a reversal this week. Just a few weeks ago the outlook pointed to rates slowly decreasing, but now the trend has flipped and we could see rates continue to climb.

What's affecting rates this week:

  • November's approach: Though it’s a couple of weeks away, November could bring increased volatility. With jobs data, the election, and the Fed meeting on the horizon, mortgage rates may face even more upward pressure.
  • Economic data: Only a few economic reports are expected later this week, but if they indicate a strong economy, it could push rates even higher.
  • Fed rate cuts: Markets now expect a quarter-point policy rate cut at the November Fed meeting, with a 75% chance of another cut in December. If speculation of further cuts declines due to strong economic and labor data, mortgage rates may rise.

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:

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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.

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Hammer Solutions, LLC 260 Leaping Cat Ln Waynesville, North Carolina 28785 United States (828) 565-7300

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