01/30/2023
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐ฎ๐ป๐๐ฎ๐ฟ๐ ๐ฏ๐ฌ, ๐ฎ๐ฌ๐ฎ๐ฏ
๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ ๐ผ๐ณ ๐น๐ฎ๐๐ ๐๐ฒ๐ฒ๐ธ: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐น๐ถ๐ด๐ต๐๐น๐ ๐๐ผ๐ฟ๐๐ฒ ๐
Average mortgage rates crept slightly higher last week, but not by much as inflation data came in showing inflation continues to cool.
๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐ฐ๐ผ๐๐น๐ฑ ๐ฏ๐ฒ ๐๐ผ๐น๐ฎ๐๐ถ๐น๐ฒ โ ๏ธ
This week could see rates move a lot day-to-day, and could also set the tone for how rates will move higher or lower from here in coming weeks. Wednesday's Fed meeting and press conference will cause the biggest moves, followed by jobs and wage data on Friday and consumer confidence data on Tuesday. This is a good week to stay in contact with your mortgage professional.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: A busy week of data that includes consumer confidence as well as jobs and wage reports, all of which could cause some movement for rates this week.
- The Fed: The Fed will announce a rate hike on Wednesday expected to be .25%, and will issue its policy statement followed by a press conference by Fed Chair Jerome Powell. Markets have already priced in this rate hike so it won't hurt mortgage rates, but traders will be looking for signs on when the Fed will pause rate hikes and when we may see rate cuts later in the year. Depending on how markets react to these events, we could see rates improve or get worse.