LONDON (IT BOLTWISE) – Mortgage rates increased slightly at the end of the week, but remain below the start of the week. The markets are eagerly awaiting upcoming economic events that could cause more movement.
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Mortgage rates increased slightly at the end of the week, but remain below the beginning of the week. This development is particularly notable given that the week was marked by a variety of economic data. Nevertheless, the market seems to be waiting for major events to take place in the coming week.
One such event is the release of job openings data next Tuesday. The data is the first significant employment data from the Bureau of Labor Statistics for October since the end of the government shutdown. What’s particularly interesting is that there won’t be a full labor market report for October, and the remainder won’t be released until the following week.
The Federal Reserve’s decision on the key interest rate is expected on Wednesday. Markets are relatively confident that the Fed will cut interest rates, but confidence is not as strong as usual. Surprises could arise from the Fed’s so-called dot plot, which shows updated interest rate forecasts from its members, as well as from Fed Chairman Powell’s press conference.
It’s important to note that a Fed rate cut has no direct impact on long-term interest rates, such as mortgage rates. In fact, it has been more common for mortgage rates to rise following a Fed rate cut. This shows how complex the dynamics between short-term and long-term interest rates can be.
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