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Brought to you by Roger Rabbit, Mortgage Originator (888) 777-9999
Forecast for the week of November 9, 2020
Please enjoy this complimentary mortgage rate forecast to keep you informed of where interest rates may be headed, and to help you gain the advantage when securing low rates and payments.
Last Week's Mortgage Rate Recap
Rates improved
Average mortgage rates were slightly worse to start last week, but ended the week improved as the election results unfolded and markets were no longer concerned about Democrats getting control of both houses of Congress and the presidency. Last week's Fed meeting and economic data had little effect on rates, as expected.
This Week's Mortgage Rate Forecast
Rates likely to be worse
Average mortgage rates this week are already worse than they were Friday, on positive news about covid vaccines. Stocks rallied, and bond prices dropped, which is bad for mortgage rates and rebate pricing. Although it is early in the week and we are likely to see rates end the week at least slightly worse than last week, rates remain near record lows making it a great time to buy or refinance.
What's affecting rates this week:
Veterans Day: Markets will be closed on Wednesday
Covid 19: Positive news about effectiveness of potential vaccines has caused rates to rise, at least temporarily, as a vaccine will speed up the economic recovery and stronger economy will push rates higher.
Economic stimulus: The Fed continues to buy Treasuries and mortgage bonds, helping to keep rates low and limiting how far rates should rise in the near term.
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.
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.