05/30/2023
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐ ๐ฎ๐ ๐ฏ๐ฌ, ๐ฎ๐ฌ๐ฎ๐ฏ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐บ๐ผ๐๐ฒ๐ฑ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ ๐
Mortgage rates jumped as the likelihood of a Fed rate hike in June grew. Fed officials have been warning that more hikes may be needed to conquer inflation, and Friday's PCE inflation data came in showing inflation that was higher than expected.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐ฐ๐ผ๐๐น๐ฑ ๐ฏ๐ฒ ๐๐ผ๐น๐ฎ๐๐ถ๐น๐ฒ โ ๏ธ
This week saw rates improve on Tuesday on news that a deal was reached to raise the debt ceiling after markets were closed on Monday for Memorial Day. However, there is a lot of economic data this week that could influence mortgage rates, especially Friday's jobs data, and we could see rates become volatile this week.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: A lot of data this week, especially around the labor market. We could see rates react each day to different reports, and Friday's jobs data is the most likely to cause big moves depending on how the data comes in.
- Debt ceiling talks: A deal was reached but will not be voted on by Congress until Wednesday. The initial reaction to the news was good for mortgage rates, but wasn't enough to push rates much lower.
- The Fed: Speculation continues to grow that the Fed will raise rates at June's meeting, pushing mortgage rates higher.