Mortgage Rates Rise to Start New Week
Mortgage rates have seen a slight increase at the beginning of this week, reaching the highest levels since May 2024. This rise comes on the heels of a stronger reading on the jobs report from the previous week. While rates did move slightly higher today compared to Friday’s levels, the change was minimal and could be considered almost insignificant.
Potential Volatility Ahead
Despite the small uptick in rates, the more critical factor to consider is the potential for increased volatility in the market. With no significant economic data to spur movement, the upcoming Consumer Price Index (CPI) report on Wednesday will be closely watched. Additionally, tomorrow’s Producer Price Index data, while less crucial, still has the potential to impact rates.
If inflation data exceeds expectations, it could lead to further increases in mortgage rates. Currently, the average lender is quoting rates at 7.25% for a top tier conventional 30-year fixed scenario.
Expert Insights on the Market
Experts warn that borrowers should keep a close eye on economic data releases this week to gauge the direction of mortgage rates. With inflation concerns looming, there is a possibility of continued rate hikes in the near future. Borrowers looking to secure a mortgage should consider locking in rates sooner rather than later to avoid potential increases.
Take Action Now
If you’re in the market for a new home or considering refinancing, it’s essential to act swiftly in response to the current rate environment. Stay informed about economic indicators and work closely with your lender to secure the best possible rate for your situation. By staying proactive and informed, you can make sound financial decisions in today’s ever-changing market landscape.
