Forecast for the week of January 29, 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.
Last Week’s Mortgage Rate Recap:
Rates slightly higher
Mortgage rates moved just slightly higher last week, but not by much. Inflation cooled to an almost three-year low, and that is a good sign for future mortgage rates to come back down.
This Week’s Mortgage Rate Forecast:
Rates could be volatile
The week will start off quiet and mortgage rates are unlikely to change much until Wednesday, but then the fireworks start when the Fed releases its policy statement and Chair Powell holds his press conference. We also could see more rate movement on Friday when jobs data comes out.
What’s affecting rates this week:
- The Fed: The Fed is expected to leave its policy rate unchanged at this meeting but markets will be looking for signs about when cuts will begin, especially Wednesday afternoon during Powell’s press conference. If traders think Powell is leaving the door open for rate cuts sooner, we could see mortgage rates improve. However, if Powell ruins any hope of cuts starting at the March meeting, mortgage rates may move higher.
- Jobs data: Although there are a few different labor reports during the week, Friday’s jobs data will have the most effect on mortgage rates. Labor market weakness will help rates, strength will hurt them.
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.