Forecast for the week of June 26, 2023
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 unchanged
Mortgage rates were basically unchanged to end the week, with little in the way of economic data or other events to move them.
This Week’s Mortgage Rate Forecast:
Rates not likely to change much
Mortgage rates are not likely to change much this week, although we should still see some small day-to-day movement. The outlook remains that rates are not likely to move significantly lower from here (significantly meaning at least .25%) while markets continue to expect the Fed to start raising its rate again in July. Rates could move higher from here if markets become convinced the Fed will also raise rates in September.
What’s affecting rates this week:
- Economic data: We could see some movement on Tuesday with the release of the consumer confidence report as well as some other economic data. If the data shows a softening economy and weaker consumer confidence, that would help rates slightly, stronger data would hurt them.
- Fed rate hikes: Markets are now pricing in a hike at the July Fed meeting. The Fed has projected at least 2 hikes before the end of the year, but markets don’t think the economy will allow it. If that changes and markets expect a second hike, rates will creep higher.
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.