This Weeks Mortgage Forecast 7/6/2020
Recap of Last Week
Rates remain low
Average mortgage rates among lenders ended last week basically unchanged heading into the holiday weekend.
This Weeks Forecast
Rates will remain low but may get slightly worse
Mortgage rates will remain low this week, but could get slightly worse as the week progresses. With rates near record lows, it is usually a bad idea to try and hold out for even lower rates. Instead, talk with your mortgage broker or mortgage lender about your unique situation and if it is a good time for you to consider locking in an interest 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.
Economic data: Not much data this week, and the data we will see isn’t likely to affect mortgage rates.
The Technicals: Mortgage bonds showing signals that we could see some worsening this week that could cause mortgage rates to be slightly worse, but we are not likely to see a large move in rates.
The coronavirus pandemic: With the increase in the number of new covid cases being reported, some states may slow down on re-opening which could also slow down the economic recovery.