𝗥𝗲𝗰𝗮𝗽 𝗼𝗳 𝗹𝗮𝘀𝘁 𝘄𝗲𝗲𝗸: 𝗥𝗮𝘁𝗲𝘀 𝘀𝗹𝗶𝗴𝗵𝘁𝗹𝘆 𝘄𝗼𝗿𝘀𝗲
Although mortgage rates improved midweek after data showed both consumer and wholesale inflation continued to drop, rates moved higher on Friday to end the week, just slightly worse.
𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗹𝗶𝗸𝗲𝗹𝘆 𝘁𝗼 𝗯𝗲 𝗯𝗮𝘀𝗶𝗰𝗮𝗹𝗹𝘆 𝘂𝗻𝗰𝗵𝗮𝗻𝗴𝗲𝗱
This week mortgage rates are likely to move slightly day-to-day, but the overall moves for the week are likely to be small. Mortgage rates are in a tight window right now and will probably stay that way through the end of the month unless something unforeseen or unexpected happens, such as the U.S. defaulting on its debt. Although rates are expected to slowly move lower over time, it doesn't look likely we will see any big moves lower this week.
𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: A quiet week for data, reports such as Tuesday's retail sales data will not have a big effect on rates this week.
- Debt ceiling talks: Although concerns of a U.S. default due to not raising the debt ceiling are having some effects on markets, there hasn't been a spillover into mortgage rates yet and likely wouldn't be unless we start to actually default on debt payments.
- Fed speakers: Fed members speaking throughout the week could cause small movements in rates.
Where are rates lately?
Conventional 30 year fixed ($ 726,200 loan amount or less)
5.75% to 6.375% with points
FHA 30 year fixed ($ 726,200 loan amount or less)
5.375% to 5.875% with points
VA 30 year fixed ($ 726,200 loan amount or less)
5.375 % to 5.875% with points
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