What Did Mortgage Rates Do This Week?
Mortgage rates decreased slightly this week and generally held steady compared to last week, continuing to hover near 38-month lows.
Calm bond markets helped keep rates from drifting upward, and day-to-day movements remained muted. This stability has kept affordability more favorable for buyers and homeowners considering refinance options.
For realtors, this translates into:
- Enhanced buyer purchasing power
- Better budget certainty for clients
- Increased interest in refinancing conversations
- More motivation from rate-sensitive buyers
Even a slight dip in rates can make a meaningful difference in how much home clients can afford.
What to Look Forward to Next Week
The big focus for next week will be the February jobs report release, which often has a direct impact on mortgage markets. Employment data is a key driver of bond market sentiment, which in turn influences mortgage interest rates.
In addition to the jobs report, markets will also watch:
- Inflation data
- Federal Reserve commentary
- Treasury yield movement
If the jobs report shows slowing employment growth or cooling wage pressure, it could ease upward pressure on mortgage rates. Stronger employment data, on the other hand, may introduce short-term volatility.
Expect the jobs report to set the tone for rate movement early in the week.
Lock or Float Bias
Current bias: Neutral to cautiously floating
- Closing soon → Locking may protect borrowers from short-term increases tied to the jobs report.
- Closing later → Floating could make sense if the jobs data supports stable or slightly lower rates, but be prepared for volatility.
With rates near multi-year lows, protecting progress (especially within contract windows) is often prudent. Align your guidance with your client’s closing timeline and risk tolerance.
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