05/13/2024
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐ ๐ฎ๐ ๐ญ๐ฏ, ๐ฎ๐ฌ๐ฎ๐ฐ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐น๐ถ๐ด๐ต๐๐น๐ ๐น๐ผ๐๐ฒ๐ฟ ๐
Mortgage rates improved a little bit last week as markets remained optimistic that the Fed will cut rates later this year and will not need to instead start hiking rates to fight inflation. Overall it was a quiet week for rates as traders held steady ahead of this week's inflation data.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐ถ๐น๐น ๐ฏ๐ฒ ๐๐ผ๐น๐ฎ๐๐ถ๐น๐ฒ, ๐ฐ๐ผ๐๐น๐ฑ ๐ถ๐บ๐ฝ๐ฟ๐ผ๐๐ฒ โ ๏ธ
This week will be a big one for mortgage rates, which could either continue improving or will see a turnaround based on the reaction to the inflation data released this week. Be sure to stay in touch with your mortgage professional to assess the risks to locking or floating if you're currently in the mortgage process.
๐ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Inflation data: Wholesale inflation data comes out Tuesday, but will have a much smaller effect on mortgage rates than Wednesday's consumer CPI inflation data. The early projections are that we will see a slowing in inflation, which will help mortgage rates improve from here.
- Retail sales data: Because this report comes out on Wednesday at the same time as inflation, it will either help the market rally that improves rates or the sell off that pushes mortgage rates higher.
