10/02/2023
🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟮, 𝟮𝟬𝟮𝟯
𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝗵𝗶𝗴𝗵𝗲𝗿 👎
Despite improving towards the end of the week, mortgage rates still ended the week higher as rates peaked on Wednesday before falling slightly. The last minute deal over the weekend to avoid a government shutdown may push rates higher this week.
𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗲 𝗵𝗶𝗴𝗵𝗲𝗿 👎
Mortgage rates continue to reach new highs, as do many consumer rates including car loan rates and credit card rates. It is unlikely we will see mortgage rates fall much from here in the near future, and are more likely to see rates creep higher until we see signs that the economy is slowing down and inflation continues to fall.
🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Labor Market: Tuesday brings data on job openings and turnovers, Wednesday brings private payroll data, Thursday brings unemployment claims, and Friday brings reports for new jobs created along with unemployment and wage growth numbers. Unless we see clear signs that the labor market is softening, it is unlikely the jobs data will help rates much.
- Fed speakers: Fed members continue to spread the message that the Fed will likely need to raise its rate at least one more time this year, pressuring mortgage rates higher.
