06/12/2023
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐๐ป๐ฒ ๐ญ๐ฎ, ๐ฎ๐ฌ๐ฎ๐ฏ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐ฏ๐ฎ๐๐ถ๐ฐ๐ฎ๐น๐น๐ ๐๐ป๐ฐ๐ต๐ฎ๐ป๐ด๐ฒ๐ฑ ๐
Mortgage rates were basically unchanged last week, with no Fed speakers ahead of this week's Fed meeting and little in the way of economic data to influence rates.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐ฐ๐ผ๐๐น๐ฑ ๐ฏ๐ฒ ๐๐ผ๐น๐ฎ๐๐ถ๐น๐ฒ โ ๏ธ
This week we have two major events that will affect mortgage rates... the CPI inflation report and the Fed meeting. It is difficult to forecast how rates will play out this week, but we are hoping to see them drop at least slightly by the end of the week if these two events play out in our favor.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: The CPI inflation report comes out on Tuesday morning, and if inflation shows more signs of cooling could help mortgage rates improve. If the data shows lower inflation than expected, that is good for rates, but a reading that shows inflation remains stubbornly persistent will pressure rates higher.
- The Fed meeting: Markets expect the Fed to pause hiking rates at this meeting, and will be listening for signals of what the Fed will do through the rest of the year. The policy and rate statement come out at 2pm Eastern, with Fed Chair Powell's press conference at 2:30pm Eastern. Expect lots of volatility for rates on Wednesday.