03/27/2023
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐ ๐ฎ๐ฟ๐ฐ๐ต ๐ฎ๐ณ, ๐ฎ๐ฌ๐ฎ๐ฏ
๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ ๐ผ๐ณ ๐น๐ฎ๐๐ ๐๐ฒ๐ฒ๐ธ: ๐ฅ๐ฎ๐๐ฒ๐ ๐บ๐ผ๐๐ฒ๐ฑ ๐น๐ผ๐๐ฒ๐ฟ ๐๐ป
Rates were volatile last week as expected, but ended the week better as markets grew convinced the Fed would be forced to make March the last policy rate hike and would have to cut rates as soon as June despite Fed members signaling otherwise. The week ended with hope that we might see rates drop further this week based on market sentiment from Friday.
๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐ฐ๐ผ๐๐น๐ฑ ๐ฏ๐ฒ ๐ฐ๐ต๐ผ๐ฝ๐ฝ๐ โ ๏ธ
The outlook for rates this week not looking as good as they did Friday after seeing rates move higher to start the week due to market sentiment shifting. Markets now speculating that the Fed could raise rates again in May, and although still anticipating rate cuts, markets now think those cuts will come later in the year. The outlook shifts quickly though, and any news that leads markets to anticipate an end to Fed rate hikes will help mortgage rates.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: Data later in the week includes GDP numbers and PCE inflation data. Signs of reduced inflation or economic slowdown could help rates.
- The Fed: As markets anticipate future Fed rate movements, mortgage rates will move up and down. Fed members speaking this week could swing sentiment, as well as any bank drama news.