The Week in Review:
After a couple of weeks of moving upward, mortgage interest rates leveled off last week. Rates continued the move lower to begin the week but switched direction and ended the week unchanged.
What to Expect
There are plenty of scheduled economic reports and the Fed chairman will be speaking several times during the week. One of the biggest reports on the agenda is a report on inflation due out Friday. Lately, the talking heads have been discussing the possibility of higher inflation. This report could fuel or put out those conversations. Higher inflation causes home loans to rise.
My feeling is home loan rates could slightly improve given the recent increase. However, the overall feeling is the same as past weeks that mortgage rates are at the bottom and locking in rates is the prudent decision.
Next 30 Days: Lock in loans
Next 30+ Days: Locking is best – I feel rates at the bottom but also don’t think the Fed will let rates move upward too high.
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