Weekly Mortgage Rate Forecast

Weekly Mortgage Rate Forecast for the week of November 28, 2022

Forecast for the week of November 28, 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

With traders taking the second half of the week off, average mortgage rates ended last week’s holiday shortened week at basically the same level as the previous week.

This Week’s Mortgage Rate Forecast:
Rates should remain low but could see volatility

There are two economic reports this week that could affect mortgage rates, the PCE inflation report and jobs data. It isn’t too likely that we will get any surprises on the reports that could push rates significantly higher or lower, but we could see some smaller movement. The overall outlook though is still good for rates, and that rates should remain stable heading into next month’s Fed meeting.

What’s affecting rates this week:

  • Economic data: On Thursday we will get the Fed’s favorite gauge of inflation, the PCE inflation report. If it shows inflation is decreasing, like we saw with the CPI inflation report a couple of weeks ago, it could help mortgage rates remain at these levels or move slightly lower. On Friday we will get jobs data, and a strong report could pressure rates, while a weaker report could help mortgage rates.
  • The Fed: Fed Chair Jerome Powell is speaking on Wednesday, and is expected to confirm a slower pace of future Fed rate hikes, which is good for rates.

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.