Weekly Mortgage Rate Forecast

Weekly Mortgage Rate Forecast for the week of March 6, 2023

Forecast for the week of March 6, 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 moved higher

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’s Mortgage Rate Forecast:
Rates could move higher

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.

What’s affecting rates this week:

  • 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.

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.