Forecast for the week of October 3, 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 slightly worse
Average mortgage rates moved higher last week, continuing a long trend of rising rates. Rates were volatile through the week as well, moving higher and lower day-to-day as markets reacted to events in England that spilled over into our markets and influenced mortgage rates.
This Week’s Mortgage Rate Forecast:
Rates could improve
Mortgage rates starting the week off with some improvement, and we could finally be in a spot to see rates improve for the first time in weeks. However, as with recent weeks, we do have a lot of economic data that could actually cause rates to move higher if it points to higher inflation and larger Fed rate hikes, so it is a good week to stay in close contact with your mortgage professional.
What’s affecting rates this week:
- Economic data: A busy week for data with a few different reports. Friday’s jobs data is the most likely to affect rates though. If jobs data comes in strong, rates will not like that news, because strong employment supports a bigger Fed rate hike in November.
- Fed speakers: Lots of Fed officials speaking this week, which can sometimes move rates around.
- Global economy: Early improvements this week were a reaction to England’s announcement to reduce planned tax cuts.
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.