Mortgage-Rates-News – for the week of March 6, 2023

Mortgage rates continued higher last week, pushed by strong economic data and market sentiment that the Fed will raise its policy rate higher in 2023 than anticipated earlier in the year. Rates did improve some on Friday after hitting their worst levels on Thursday.

This week we get a lot of labor market data as well as testimony from Fed Chair Jerome Powell that will affect rates and may push them higher. It is not likely that we see a significant drop in rates anytime soon while the labor market and economy continue to show strength.

- Jobs data: This week will bring data on new jobs created in February, as well numbers on wage growth and unemployment. If the data shows the labor market is weakening since January, it will help rates hold steady or possibly improve slightly. However, strong data will push rates higher.

- The Fed: Current mortgage rates reflect markets' belief that the Fed will raise its policy rate through June to a high of 5.25%.

- Fed Powell: Powell will testify in front of Congress this week, as he does twice a year, and his comments could pressure mortgage rates higher if they point to more Fed rate hikes.

Conventional 30 year fixed ($ 726,200 loan amount or less)  

5.99% to 6.375% with points

FHA 30 year fixed ($ 726,200 loan amount or less)

5.875% to 6.375% with points

VA 30 year fixed ($ 726,200 loan amount or less)  

5.875% to 6.375% with points