This Weeks Mortgage Forecast 6/29/2020
Recap of Last Week
Rates slightly better
Average mortgage rates among lenders ended last week slightly better, and remain near record low levels.
Mortgage Rate Forecast:
Rates will remain low
Mortgage rates will remain low this week, but could get slightly worse as the week progresses. Bond markets will close early on Thursday and be closed Friday for Independence Day, and rates sometimes get a bit higher over holiday weekends. With rates near record lows, it is usually a bad idea to try and hold out for even lower rates. Instead, take the advice of a mortgage broker or lender you trust when it comes to locking your rate.
What’s affecting rates this week:
The Fed: The Fed continues to buy Treasuries and mortgage bonds, helping to keep rates stable and low. Minutes from the Fed’s last meeting will be made public on Wednesday, but aren’t likely to move mortgage rates.
Economic data: Jobs data will be released early, on Thursday this week rather than Friday due to the holiday, and could affect rates for the weekend.
The Technicals: Mortgage bonds showing signals that we could see some worsening this week and could cause mortgage rates to be slightly worse.
Holiday weekend: Could cause slightly higher rates near the end of the week.