BestRate Mortgage

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟯𝟬, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝗵𝗶𝗴𝗵𝗲𝗿 👎
Mortgage rates moved slightly higher last week, helped along with strong economic data and high bond yields.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝘄𝗶𝗹𝗹 𝗯𝗲 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗲 ⚠️
This week has many events that will affect mortgage rates, including a full calendar of economic data, multiple readings on the labor market and unemployment, a Fed meeting and press conference, and a widely anticipated borrowing report from the Treasury. Depending on how this week plays out, we could see rates move either higher or lower.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: Nothing Monday, but then a full week of economic and labor market data that will likely affect mortgage rates this week. Signs of a still strong economy and labor market could push mortgage rates higher, while signs of potential weakening could help rates improve.
- Treasury borrowing: Markets are anticipating the quarterly refunding announcement on Wednesday, which will show how much the debt the Treasury plans on issuing over the next three months.
- Fed meeting: Wednesday afternoon brings the Fed's policy statement, where it is expected to leave rates alone, and Fed Chair Powell's press conference which always causes market movement.

💀 𝗗𝗼𝗻'𝘁 𝗹𝗲𝘁 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗿𝗮𝘁𝗲𝘀 𝘀𝗰𝗮𝗿𝗲 𝘆𝗼𝘂 𝘁𝗵𝗶𝘀 𝗛𝗮𝗹𝗹𝗼𝘄𝗲𝗲𝗻! 🎃

Mortgage rates this Halloween are about as yummy as candy corn (who eats that stuff anyway?! 🤷‍♂️) 𝗯𝘂𝘁 𝗶𝘁 𝘀𝘁𝗶𝗹𝗹 𝗺𝗮𝘆 𝗯𝗲 𝘁𝗵𝗲 𝗿𝗶𝗴𝗵𝘁 𝘁𝗶𝗺𝗲 𝗳𝗼𝗿 𝘆𝗼𝘂 𝘁𝗼 𝗯𝘂𝘆 𝗮 𝗵𝗼𝗺𝗲! 🏡

If you wish you were spending this Halloween in your own home, or a new home, reach out and let's run some numbers. I have lots of ideas for making your payment less scary 👻 and helping you get more home for your money, and can introduce you to a great real estate agent who isn't a witch 🧙‍♀️ or a ghoul 🧟‍♂️!

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟮𝟯, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝗵𝗶𝗴𝗵𝗲𝗿 👎
Mortgage rates last week moved quite a bit higher, proving the idea that we've seen mortgage rates peak was still a bit premature. Rates were pushed higher when retail sales numbers came in stronger than expected, and when Fed officials made comments that supported the idea that the Fed will keep rates higher in 2024 than was previously expected.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗮𝘆 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗲 𝗵𝗶𝗴𝗵𝗲𝗿 👎
It is unlikely we see rates improve this week, despite seeing how much they have moved higher recently. It is more likely that we see mortgage rates continue to creep a bit higher, especially if we see the 10yr Treasury yield break above 5% and hold there.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: This week includes Gross Domestic Product (GDP) numbers, as well as another inflation report on Friday. It is unlikely that this data will help rates improve though.
- 10yr Treasury yield: Although mortgage rates are not directly controlled by the 10yr yield, they are influenced by it. Increased supply of Treasuries have pushed yields higher, with the 10yr rate crossing 5% for the first time in 16 years. It is unlikely for bond yields to fall anytime soon, instead pressuring rates higher.

𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟭𝟲, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗶𝗺𝗽𝗿𝗼𝘃𝗲𝗱 👍
For the first time in weeks we saw mortgage rates improve, despite inflation readings that came in at expectations or slightly higher than was expected.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗮𝘆 𝘄𝗼𝗿𝘀𝗲𝗻 👎
This week we may see rates lose some ground, giving back some of last week's improvements. We have likely seen mortgage rates peak and hit their worst levels, but we could revisit those levels over the coming weeks before falling again. Rates are likely to move up and down within a small window as we head into the Fed meeting at the end of the month, rather than move significantly higher or lower from here.

𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: There are few reports this week, but Tuesday's retail sales data has the most chance of affecting rates. A strong reading which points to a resilient economy could pressure rates early in the week.
- Fed speakers: Fed members will be on a blackout period starting on Saturday, ahead of the upcoming Fed meeting, but this week there will be lots of Fed members out speaking which could impact mortgage rates. A message that the Fed will hold rates higher for longer could pressure rates slightly higher from here.

🤔 𝗦𝗵𝗼𝘂𝗹𝗱 𝗜 𝘄𝗮𝗶𝘁 𝘂𝗻𝘁𝗶𝗹 𝗿𝗮𝘁𝗲𝘀 𝗱𝗿𝗼𝗽 𝘁𝗼 𝗯𝘂𝘆 𝗮 𝗵𝗼𝘂𝘀𝗲?

I am hearing that question a lot these days, and the answer may surprise you

𝗡𝗼𝘄 𝗶𝘀 𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 𝗮 𝗿𝗲𝗮𝗹𝗹𝘆 𝗴𝗼𝗼𝗱 𝘁𝗶𝗺𝗲 𝘁𝗼 𝗯𝘂𝘆 𝗮 𝗵𝗼𝘂𝘀𝗲, and here are a few reasons why...

👉 You're more likely to get your offer accepted...
👉 Sellers are a bit more likely to help pay closing costs or give other concessions...
👉 Home prices have settled, but are likely to go up again when rates drop...
👉 Ask me for the other reasons!

Higher rates do bring other challenges though, but I want you to know that I may be able to help there.

𝗦𝗼 𝗶𝗳 𝘆𝗼𝘂 𝗵𝗮𝘃𝗲 𝗯𝗲𝗲𝗻 𝘁𝗵𝗶𝗻𝗸𝗶𝗻𝗴 𝗼𝗳 𝗯𝘂𝘆𝗶𝗻𝗴 𝗮 𝗵𝗼𝗺𝗲, 𝗯𝘂𝘁 𝗵𝗶𝗴𝗵𝗲𝗿 𝗿𝗮𝘁𝗲𝘀 𝗵𝗮𝘃𝗲 𝘀𝗰𝗮𝗿𝗲𝗱 𝘆𝗼𝘂 𝗮 𝗯𝗶𝘁, 𝗹𝗲𝘁'𝘀 𝘁𝗮𝗹𝗸. 𝗜 𝘄𝗮𝗻𝘁 𝘁𝗼 𝗵𝗲𝗹𝗽.

🏡 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.

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟮𝟱, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝗵𝗶𝗴𝗵𝗲𝗿 👎
Mortgage rates continued higher last week, as the Fed signaled that it would likely raise its policy rate one more time in 2023 and hold that rate higher for longer into 2024.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗲 𝗵𝗶𝗴𝗵𝗲𝗿 👎
Mortgage rates are likely to continue higher this week as markets digest the Fed's message that it will continue to be aggressive in fighting inflation by raising rates and holding them longer. Since the Fed's rate influences all rates out there, from car loans to credit cards to mortgage rates, it makes it unlikely we will see mortgage rates move lower anytime soon.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Oil prices: Higher oil prices along with supply scarcity will likely drive up the price of fuel at the pump, which is inflationary and not good for mortgage rates.
- Global bond prices: Increases in bond yields in Europe will contribute to higher bond yields here in the U.S., which pressures mortgage bond pricing and pushes mortgage rates higher.
- Fed speakers: Fed members will continue speaking about the need to be aggressive fighting inflation, which means another future rate hike and holding higher rates for a longer period of time in 2024.

🏡 "𝗛𝗼𝘄 𝗺𝘂𝗰𝗵 𝗵𝗼𝘂𝘀𝗲 𝗰𝗮𝗻 𝗜 𝗮𝗳𝗳𝗼𝗿𝗱?" 🤔

With mortgage rates rising to levels not seen since the early 2000's, this question is more important than ever.

If you're considering buying a home, this is probably one of the first questions you'll ask. And while a mortgage calculator can give you a rough estimate, it can't tell you what interest rate you'll qualify for or provide you with the range of options that may be available... especially options that may help you buy more house while rates are high.

💰💵 Finding an accurate number for how much house you'll qualify for, AND what you can comfortably afford, can be made much easier with guidance from a mortgage professional like me. I can help you understand what you qualify for, discuss what kind of payment you're comfortable with, compare loan programs, and then help you get the most house for your money while making the whole process convenient.

👍 𝗬𝗼𝘂 𝗰𝗮𝗻 𝗰𝗼𝗻𝘁𝗮𝗰𝘁 𝗺𝗲 𝗮𝗻𝘆𝘁𝗶𝗺𝗲 𝗳𝗼𝗿 𝗮 𝗳𝗿𝗲𝗲, 𝗻𝗼 𝗼𝗯𝗹𝗶𝗴𝗮𝘁𝗶𝗼𝗻 𝗰𝗼𝗻𝘃𝗲𝗿𝘀𝗮𝘁𝗶𝗼𝗻 𝗮𝗯𝗼𝘂𝘁 𝗯𝘂𝘆𝗶𝗻𝗴 𝗮 𝗵𝗼𝗺𝗲 𝗮𝗻𝗱 𝗵𝗼𝘄 𝗺𝘂𝗰𝗵 𝗵𝗼𝘂𝘀𝗲 𝘆𝗼𝘂 𝗰𝗮𝗻 𝗮𝗳𝗳𝗼𝗿𝗱. 𝗚𝗼 𝗮𝗵𝗲𝗮𝗱 𝗮𝗻𝗱 𝗰𝗵𝗲𝗰𝗸 𝗼𝘂𝘁 𝗺𝘆 𝗿𝗲𝘃𝗶𝗲𝘄𝘀 𝘁𝗼 𝘀𝗲𝗲 𝘄𝗵𝗮𝘁 𝗼𝘁𝗵𝗲𝗿𝘀 𝗵𝗮𝘃𝗲 𝘁𝗼 𝘀𝗮𝘆 𝗮𝗯𝗼𝘂𝘁 𝗵𝗼𝘄 𝗜 𝗵𝗲𝗹𝗽𝗲𝗱 𝘁𝗵𝗲𝗺. ⭐⭐⭐⭐⭐

Why not reach out to me, knowing you won't get any sales pitch or be pressured to take any action? I'm simply here to help! 🙌

🏡 For the week of September 18, 2023

Last Week's Mortgage Rate Recap: Rates moved higher 👎
Mortgage rates moved slightly higher again last week, although the move wasn't much. We did see some volatility when the consumer inflation data came out, but not enough to cause rates to move too much. Consumer inflation came in as expected, although wholesale inflation was slightly higher than forecast.

This Week's Mortgage Rate Forecast: Rates could be volatile ⚠️
This week could once again bring some volatility in rates, but this time it is due to the Fed meeting that concludes with a policy statement and press conference on Wednesday. Rates are more likely to move higher than lower after the meeting is over and during the days after.

🗓️ What's affecting rates this week:
- The Fed: The Fed is unlikely to raise its policy rate at this week's meeting, but future rate hikes will be on the table. Fed members will release their individual projections for rates through 2025, and markets could start to price in another hike to come in November at the next meeting, which would pressure mortgage rates higher now. The only way that rates will move much lower than what we see today would be if markets believe the Fed is done hiking and will have to cut rates in early 2024, which isn't likely.

𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟭𝟭, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝗵𝗶𝗴𝗵𝗲𝗿 👎
Unfortunately, mortgage rates moved slightly higher last week after seeing rates fall the week before.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗯𝗲 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗲 ⚠️
This week we could see mortgage rates move more erratically than normal, driven by markets' reaction to midweek inflation data and how markets think it will affect the Fed meeting next week. If the inflation data comes in hotter than expected, we could see mortgage rates move higher as markets anticipate the Fed would be more aggressive hiking rates to fight it. However, a surprisingly low inflation number could help rates.

𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Inflation data: Wednesday brings consumer inflation data, which will be the last major economic datapoint before the Fed meeting next week. Thursday brings wholesale inflation data, but that data usually has a more muted reaction from markets and is less of a concern to mortgage rates.
- The Fed: Markets are currently looking at about a 40% probability that the Fed will raise rates at the November meeting for the final time this year. Markets think it is very unlikely that the Fed will raise rates at the September meeting, instead skipping a meeting like the Fed did in June.

👍 𝗔𝘀 𝗮 𝗹𝗼𝗰𝗮𝗹 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹, 𝗺𝘆 𝗿𝗲𝗽𝘂𝘁𝗮𝘁𝗶𝗼𝗻 𝗱𝗲𝗽𝗲𝗻𝗱𝘀 𝗼𝗻 𝗽𝗿𝗼𝘃𝗶𝗱𝗶𝗻𝗴 𝗮 𝗯𝗲𝘁𝘁𝗲𝗿 𝗲𝘅𝗽𝗲𝗿𝗶𝗲𝗻𝗰𝗲 𝘁𝗵𝗮𝗻 𝘁𝗵𝗼𝘀𝗲 𝗯𝗶𝗴 𝗯𝗮𝗻𝗸𝘀 𝗮𝗻𝗱 𝗼𝗻𝗹𝗶𝗻𝗲 𝗹𝗲𝗻𝗱𝗲𝗿𝘀.

Getting a mortgage doesn't have to be frustrating and confusing. 😠 If you have the right person guiding you through the process, it can be easy and more convenient! 😀

𝗜𝗳 𝘆𝗼𝘂'𝗿𝗲 𝘁𝗵𝗶𝗻𝗸𝗶𝗻𝗴 𝗮𝗯𝗼𝘂𝘁 𝗯𝘂𝘆𝗶𝗻𝗴 𝗮 𝗵𝗼𝗺𝗲, 𝗼𝗿 𝗿𝗲𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 𝘁𝗵𝗲 𝗵𝗼𝗺𝗲 𝘆𝗼𝘂 𝗮𝗹𝗿𝗲𝗮𝗱𝘆 𝗼𝘄𝗻, 𝗹𝗲𝘁 𝗺𝗲 𝗯𝗲 𝘆𝗼𝘂𝗿 𝗴𝘂𝗶𝗱𝗲.

There's never any obligation or fees when we talk. I can help you get a great low rate, find out how much home you can comfortably afford, and also help you get pre qualified or pre approved (ask me about the difference!).

I hope to hear from you soon!

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟱, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝗹𝗼𝘄𝗲𝗿 👍
Mortgage rates moved lower for the first time in a few weeks, as data showed the labor market is still strong but is normalizing and unemployment moved higher.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗹𝗶𝗸𝗲𝗹𝘆 𝘁𝗼 𝗺𝗼𝘃𝗲 𝗵𝗶𝗴𝗵𝗲𝗿 👎
This week we could see mortgage rates move off of the best levels seen last week, although we aren't likely to see them move too high too quickly. There is little in the way of economic data this week to set a direction, and rates are likely to move at least slightly day-to-day and could show some volatility during the day. Rates are likely near the lower end of the current range, and it may be a good idea to discuss locking in with your mortgage professional if you are in the process of obtaining a mortgage.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Inflation data: Markets will speculate what next week's CPI consumer inflation data will show, and how it will affect future Fed rate hikes.
- Economic data: There is little in the way of data this week that will affect mortgage rates.
- The Fed: Markets are starting to price in one more Fed rate hike to come in November, which puts pressure on mortgage rates to move higher.

😎 🍉 𝗛𝗮𝘃𝗲 𝗳𝘂𝗻 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸𝗲𝗻𝗱! 🚤 🍦

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗔𝘂𝗴𝘂𝘀𝘁 𝟮𝟴, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝘀𝗹𝗶𝗴𝗵𝘁𝗹𝘆 𝗵𝗶𝗴𝗵𝗲𝗿 👎
Mortgage rates hit new highs early in the week before falling back to end the week only slightly higher. Fed Chair Jerome Powell's speech on Friday didn't contain any surprises, so basically left mortgage rates unaffected.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗯𝗲 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗲 ⚠️
This week will see mortgage rates react to lots of economic data, most of it about the labor market. If the data shows the labor market is beginning to soften, it could help mortgage rates take a break from recent increases. However, if markets see signs of further labor market strength, we could see mortgage rates creep higher. Rates are not likely to move much lower from here though.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Labor market data: This week has lots of reports on the labor market, starting with Tuesday's Job Opening and Labor Turnover Survey, then Wednesday's ADP private payrolls report, Thursday's unemployment claims, and on Friday the data most likely to push mortgage rates higher or lower... non-farm payrolls and wage data.
- The Fed: Markets are starting to price in one more Fed rate hike to come in November, which puts pressure on mortgage rates to move higher.

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗔𝘂𝗴𝘂𝘀𝘁 𝟮𝟭, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝗵𝗶𝗴𝗵𝗲𝗿 👎
Mortgage rates continued to rise last week and hit the highest levels of the year, without any signs of a weakening economy or a softening jobs market. Talk of a recession, which would have helped bring mortgage rates back down, has all but disappeared and has been replaced with talk of a soft landing... the term used for seeing cooling inflation while maintaining a strong labor market and economy.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗴𝗲𝘁 𝘄𝗼𝗿𝘀𝗲 👎
The outlook right now is that rates could continue higher, and may not see improvement without some help from next month's labor and inflation reports. Rates already starting this week out higher than last week, as bond yields rise and mortgage bonds lose ground.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- The Fed: Mortgage rates will not move much lower until expectations for future Fed rate cuts start to grow. Instead of cuts though, we could see markets price in another Fed rate hike before the end of the year, which would pressure mortgage rates even higher.
- Jackson Hole Symposium: Fed Chair Powell will speak about the outlook of the economy on Friday morning, and we could see mortgage rates affected by his speech.

📈 ⚠️ 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗿𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝗵𝗶𝗴𝗵𝗲𝗿... 𝗡𝗢𝗪 𝗶𝘀 𝘁𝗵𝗲 𝘁𝗶𝗺𝗲 𝘁𝗼 𝗯𝘂𝘆! 🏠

WHAT? 🤯

Seriously... and 𝗵𝗲𝗿𝗲 𝗶𝘀 𝘄𝗵𝘆:

👉 𝗪𝗵𝗲𝗻 𝗿𝗮𝘁𝗲𝘀 𝗮𝗿𝗲 𝗵𝗶𝗴𝗵𝗲𝗿, 𝘁𝗵𝗲𝗿𝗲 𝗶𝘀 𝗹𝗲𝘀𝘀 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝗼𝗻, resulting in a wider selection and a better price. It's no secret that inventory is low, and it's hard to find a home in this market that doesn't turn into a bidding war. Higher rates help reduce the number of home shoppers and offers, resulting in less competition for homes and a better price.

👉 𝗜𝘁'𝘀 𝗹𝗶𝗸𝗲 𝗽𝘂𝘁𝘁𝗶𝗻𝗴 𝗺𝗼𝗻𝗲𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗯𝗮𝗻𝗸. Rates have moved higher, but so are home prices. Although you'll be paying more in interest, you'll be building equity as home prices rise as well as paying down your loan. While there is no guarantee that home prices will continue to move higher, tight inventory makes it likely.

👉 𝗚𝗲𝘁 𝘁𝗵𝗲 𝗵𝗼𝘂𝘀𝗲 𝗮𝘁 𝗮 𝗹𝗼𝘄𝗲𝗿 𝗽𝗿𝗶𝗰𝗲 𝗻𝗼𝘄 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗴𝗲𝘁 𝗹𝗼𝘄𝗲𝗿 𝗿𝗮𝘁𝗲 𝗹𝗮𝘁𝗲𝗿. When rates fall, home prices usually move higher as demand drives up the offers. Waiting for rates to fall means you may not be saving anything at all, and could possibly end up with a higher payment instead. If you buy now, you can always look into refinancing when rates fall, and you'll have the lower purchase price AND the lower rate!

Give me a call, email, text, or DM me to talk more about how I can help you own a home, since these rates are not going lower anytime soon.

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗔𝘂𝗴𝘂𝘀𝘁 𝟭𝟰, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝗵𝗶𝗴𝗵𝗲𝗿 👎
Mortgage rates moved higher last week, despite consumer inflation data coming in at or better than expectations. Rates started the day Thursday improved, but most lenders repriced to worse rates as the day progressed and markets lost ground. Friday was another bad day for rates.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗺𝗼𝘃𝗲 𝗵𝗶𝗴𝗵𝗲𝗿 👎
This week doesn't show any signs that rates may improve, and there isn't a lot of economic data to look to for help. The outlook right now is that rates may move to the highest levels of the year this week, and are not likely to improve much from here in the foreseeable future.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: Not much on the calendar this week that will affect rates, but markets will be watching Tuesday's retail sales data and Thursday's unemployment claims. Signs of a strong economy are not good for mortgage rates.
- The Fed: Mortgage rates will struggle to improve if markets increase expectations that the Fed could raise its policy rate again this year. Mortgage rates will not move much lower until the Fed begins cutting its policy rate, which isn't expected to happen until sometime next year at the earliest.

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗔𝘂𝗴𝘂𝘀𝘁 𝟳, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝘀𝗹𝗶𝗴𝗵𝘁𝗹𝘆 𝘄𝗼𝗿𝘀𝗲 👎
Mortgage rates once again saw a lot of volatility, this time moving steadily higher through the week before improving Friday on weaker than expected jobs data.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗶𝗺𝗽𝗿𝗼𝘃𝗲 👍
This week brings new inflation data, as well as a slew of Treasury auctions that could cause some volatility for mortgage rates. However, the current outlook is that the data will be good for rates.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Inflation data: Consumer inflation data comes out Thursday, with wholesale inflation data coming out on Friday. If the data shows that inflation is moving lower, mortgage rates could improve on the news. However, if the data shows inflation is heating back up we could see mortgage rates move higher, although that is much less likely.
- Treasury auctions: Mortgage rates are influenced by the price of Treasuries, and a large issuance of new debt this week could push yields higher, which would also mean slightly higher mortgage rates could follow.
- The Fed: Mortgage rates currently reflect the belief that the Fed is done raising rates, but if strong economic data causes markets to anticipate another potential hike we could see mortgage rates move higher.

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗝𝘂𝗹𝘆 𝟯𝟭, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝘀𝗹𝗶𝗴𝗵𝘁𝗹𝘆 𝘄𝗼𝗿𝘀𝗲 👎
Mortgage rates saw a lot of volatility last week, improving on Wednesday after the Fed meeting only to jump unexpectedly on Thursday when economic data came in showing the economy is not slowing down at all and a recession is unlikely. Rates rebounded a bit on Friday, but still ended the week higher.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗺𝗼𝘃𝗲 𝗵𝗶𝗴𝗵𝗲𝗿 👎
Mortgage rates are more likely to creep higher than to improve much, but a lot depends on the jobs data that comes in this week. Rates are not likely to move significantly lower from here unless we see signs of labor market weakness and a slowing economy, which doesn't look likely.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: There are multiple reports this week about the labor market, but Friday's jobs and wage data are most likely to have the biggest effect. Signs of a strong labor market with lots of new jobs created and low unemployment could push rates higher. Data showing labor market weakness would be a surprise.
- The Fed: With lots of data between now and the September Fed meeting, mortgage rates do not yet reflect any future Fed rate hikes. If expectations grow the Fed will continue hiking, mortgage rates will move higher.

😳 "The Fed just hiked mortgage rates!!!"

❌ (Don't panic, this isn't true!)

Many people confuse rate increases made by the Fed (to the fed funds rate) with an increase in mortgage rates. However, that's not the case.

Why is that? 🤷‍♂️

✅ The simple answer is that the Fed rate hikes are intended to slow down the economy and hopefully curb inflation. The Fed does not set mortgage rates or any other consumer rates, but all of those rates are affected by the Fed's rate hikes. When markets anticipate the Fed will raise rates, mortgage rates do move higher, but months in advance of actual rate hikes. Remember when rates moved higher in June? That was when markets anticipated that a July Fed rate hike was likely, and reacted. Once the Fed actually raised rates yesterday, markets had already anticipated the hike and it had been factored into current mortgage rates.

Although it is a bit more complex than that, the main takeaway here is that 👉 MORTGAGE RATES DID NOT GET WORSE! 👈

In fact, the rates you have access to may even have improved.

If you'd like me to take a look at your situation and see what rates are available to you, reach out anytime. I'd love to help you.

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗝𝘂𝗹𝘆 𝟮𝟰, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝘀𝗹𝗶𝗴𝗵𝘁𝗹𝘆 𝘄𝗼𝗿𝘀𝗲 👎
Mortgage rates moved slightly higher last week, but not by much.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗯𝗲 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗲 ⚠️
This week brings the Fed meeting that markets have been waiting for where the Fed is expected to raise its policy rate by .25%, although mortgage rates won't be affected because markets are already pricing in the expected increase. However, markets will be listening to the Fed statement and Fed Chair Powell's press conference for clues on future Fed moves. Stay in touch with you mortgage professional this week.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: Although this week does bring some economic data, we aren't likely to see mortgage rates react much unless mortgage rates improve after the Fed meeting and Friday's PCE inflation data points to cooling inflation. That could help rates continue to improve, if we do get a positive reaction after the Fed meeting.
- The Fed: Markets already expect the Fed to raise its policy rate at this Wednesday's meeting conclusion, but will be looking for signs of Fed rate hikes to come later this year. The Fed has already signaled most members want a second hike this year, if that is reinforced we could see mortgage rates suffer.

⚠️ Whether you're getting a mortgage to buy a home or to refinance, these are 4 things you should NOT do...

❌ Make any large purchases like a new car or furniture for your new home
Even if you don't have to pay any interest or make any payments for awhile, new purchases come with new debt that will have to be factored in and can affect qualifying for your loan.

❌ Deposit cash into your bank account
All money into and out of your accounts has be be accounted for during the mortgage process, even if not being used for the mortgage or a down payment. Talk with me about how to document unexpected or large deposits, especially cash deposits.

❌ Quit or change jobs.
Now isn't the time to make a move, even for a better opportunity... at least not without talking to me first about how it can impact your loan.

❌ Open (or even close) credit accounts
Don't take that new store card to save 10% on your purchase, don't pay off old debts or collections, and don't close or pay off any other accounts. Some of these actions can have unexpected consequences to your credit score, so be sure to talk with me first.

✅ Remember, I'm always here to help. If any of these situations comes up and you're thinking of buying or refinancing soon, be sure to reach out to me for guidance.

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗝𝘂𝗹𝘆 𝟭𝟳, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗶𝗺𝗽𝗿𝗼𝘃𝗲𝗱 👍🏻
Mortgage rates improved last week as both wholesale and consumer inflation came in better than expected, causing markets to bet that the Fed will not need to raise rates a second time before the end of the year.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗯𝗲 𝘀𝘁𝗲𝗮𝗱𝘆 👍🏻
Mortgage rates are not likely to move much this week, other than some normal small day-to-day movement. We aren't likely to see any big moves in rates ahead of the Fed meeting next week, with little in the way of economic data and the Fed speakers all on a blackout ahead of the meeting. There is a fairly good chance we could see rates improve a bit further with next week's Fed meeting, for those that have the time to wait and see.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: Tuesday brings a retail sales report that traders will look at for signs of how consumers are spending, but other than that there is no data this week that is likely to affect mortgage rates.
- The Fed: Although the Fed has made it clear that members expect a second rate hike this year, markets believe that inflation is coming down fast enough that a second hike won't be warranted. Next week's meeting could cement those beliefs or turn them around.

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗝𝘂𝗹𝘆 𝟭𝟬, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝗵𝗶𝗴𝗵𝗲𝗿 👎
Mortgage rates continued marching higher last week as markets started pricing in a July Fed policy rate hike. Although the Fed doesn't set mortgage rates, rates react to Fed rate movement, often long before the Fed actually makes the moves. Last week's jobs data pointed to a still strong labor market, which supports a strong economy and makes it hard to bring down inflation.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗯𝗲 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗲 ⚠️
For a second week we could possibly see rates make big moves, this week because of the consumer inflation data coming out on Wednesday and to a lesser extent the wholesale inflation data on Thursday. If the data points to a bigger drop in inflation than expected, rates may benefit. However, a stubborn inflation reading could pressure rates higher.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: Inflation data this week will take center stage, but we will also see consumer sentiment data on Friday that could influence rates.
- Fed rate hikes: Markets are currently pricing in a rate hike at the July Fed meeting. The Fed has signaled more hikes are likely after that, but markets are not yet pricing them in. This week that could change, pushing rates higher.