Forecast for the week of November 21, 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 were unchanged
After dropping significantly the previous week, average mortgage rates last week were basically unchanged, and moved very little day to day despite economic and job data that showed the economy remains resilient and is not yet slowing down. Often strong data like we saw would have turned into slightly higher mortgage rates, but didn’t this time.
This Week’s Mortgage Rate Forecast:
Rates should remain near these levels
This week, mortgage rates are likely to remain at or near the current levels through the holiday shortened week, with very little going on in the markets to cause much concern.
What’s affecting rates this week:
- Economic data: The only day that we have any significant economic data is Wednesday, but rates shouldn’t be largely affected.
- The Fed: Mortgage rates are reacting to the speculation of when and how much the Fed will hike policy rates to end 2022 and into the meetings in 2023. The minutes from last month’s Fed meeting come out on Wednesday, but aren’t expected to cause any surprises for rates. – Thanksgiving: Markets will be closed Thursday and will close early on Friday. Most lenders will do the same, and rates are not likely to move between Wednesday and the following Monday.
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.