Mortgage Rate Update: Key Economic Reports Help Rates Improve

What Did Rates Do This Week?

Mortgage rates improved slightly this week, with most major loan programs falling by about 0.125%. Several key economic reports shaped the market. Tuesday’s Existing-Home Sales report provided a look at housing demand, while Wednesday’s CPI report showed the latest inflation trends. Friday’s Retail Sales report gave investors another look at consumer spending and the strength of the economy.

Overall, the latest data helped mortgage rates move modestly lower, although the market remains sensitive to new economic reports.

What to Look Forward to Next Week

Next week, investors will continue watching economic data for clues about inflation, consumer spending, and the overall health of the economy. Markets will also be looking for additional signs that inflation is cooling, which could help create more room for mortgage rates to improve.

Lock or Float Bias

Current Lock/Float Bias: Neutral to Slight Float
Mortgage rates have improved this week, giving borrowers with more time before closing some room to float. However, rates can move quickly when new economic data comes in, so borrowers closing soon may want to consider locking to protect their current rate.