State of Rates
October 27, 2023
Latest Market Commentary.
In the world of interest rates, we had our first winning week in seven, reminding us that things can't go up forever. Small victories matter in a rising rate environment.
All eyes are on the upcoming week, with a hefty load of economic data. The November FOMC meeting, set for Wednesday, is the headline event. While rate hikes aren't expected, the real intrigue lies in their forward guidance. Will we see hints of fewer rate cuts in the future or a step back from the higher-for-longer stance?
Friday's job report promises more excitement, as those seeking lower mortgage rates hope for a cooler report.
Next week is shaping up to be a firework-filled one for rate watchers, offering potential benefits for us mortgage rate enthusiasts.
Your Weekly Market Movers.
Wednesday Friday
FOMC Meeting and Rate Decision October - Non-Farm Payrolls Report
ISM Manufacturing PMI ISM Manufacturing Report PMI
JOLTS Report
Should I Lock or Float?
We are strongly biased towards locking rates at application vs. floating until the data tells us otherwise. If you are greater than 60 days out and have a major appetite for some risk, there is potential upside by waiting until you’re 30 days out or less, but you’ll need some luck!
The Housing Market in Three.
1.) New home sales jumped 12.3% in September and 34% YOY.
2.) Buyers finally got some relief as new listing for homes sales increase 0.3% YOY.
3.) Fannie Mae - Single Family delinquency unchanged and hovering near historic lows.