Weekly Mortgage Rate Forecast

Weekly Mortgage Rate Forecast for the week of May 30, 2023

Forecast for the week of May 30, 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 jumped as the likelihood of a Fed rate hike in June grew. Fed officials have been warning that more hikes may be needed to conquer inflation, and Friday’s PCE inflation data came in showing inflation that was higher than expected.

This Week’s Mortgage Rate Forecast:
Rates could be volatile

This week saw rates improve on Tuesday on news that a deal was reached to raise the debt ceiling after markets were closed on Monday for Memorial Day. However, there is a lot of economic data this week that could influence mortgage rates, especially Friday’s jobs data, and we could see rates become volatile this week.

What’s affecting rates this week:

  • Economic data: A lot of data this week, especially around the labor market. We could see rates react each day to different reports, and Friday’s jobs data is the most likely to cause big moves depending on how the data comes in.
  • Debt ceiling talks: A deal was reached but will not be voted on by Congress until Wednesday. The initial reaction to the news was good for mortgage rates, but wasn’t enough to push rates much lower.
  • The Fed: Speculation continues to grow that the Fed will raise rates at June’s meeting, pushing mortgage rates 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.