What Did Rates Do This Week?
Mortgage rates moved lower this week and are now approaching three-year lows, creating renewed opportunity for both buyers and homeowners. The drop was driven largely by today’s jobs report, which showed softer labor market conditions, and a weaker ISM manufacturing report, signaling slower economic activity. When growth cools, mortgage rates often benefit and that’s exactly what we saw this week.
What to Look Forward to Next Week
Next week, markets will watch additional inflation data and Federal Reserve commentary to see if this downward trend can continue. If economic reports continue to show slowing momentum, mortgage rates could remain under pressure but volatility is still very much in play.
Lock or Float Bias
With mortgage rates sitting near multi-year lows, the bias leans toward locking, especially for buyers under contract or closing soon. Borrowers with flexibility may consider floating, but having a clear lock strategy is key in a market that can shift quickly.
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