Forecast for the week of September 6, 2022
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.
Last Week’s Mortgage Rate Recap:
Rates got worse
Average mortgage rates moved higher once again last week, despite improving slightly Friday to end the week. Rates have been creeping higher all through August, and are close to the highs we saw back in June.
This Week’s Mortgage Rate Forecast:
Rates may struggle to improve
Mortgage rates are starting the week off higher after markets were closed for Labor Day, and although there are some signs that rates could be close to capping out we could see them get even a little bit worse first. Recent economic data shows the economy is still growing, and rates are not likely to fall significantly until we see more signs of an economic slowdown and coming recession. That may not happen until next week when we get more inflation data, if it shows inflation is easing. This week we may see rates struggle to improve, although lower rates will come back when recession fears take hold.
What’s affecting rates this week:
- Economic data: There isn’t a lot of data this week to affect mortgage rates.
- European Central Bank: The ECB meets this Thursday and is expected to raise policy rates in Europe by as much as .75%. A large rate hike could help mortgage rates here in the U.S. by supporting bond prices globally.
If you have questions, would like to discuss interest rates further, or find out the benefits of locking your rate today, we’d love to help! Please contact us here.