It was a slow week for economic data so most of the focus was on Wednesday’s FED meeting. The FED committee believes that despite last week’s negative GDP, economic conditions remain relatively solid despite stubborn elevated inflation. Chairman Powell continues to emphasize that the FED will take a wait and see approach to future monetary policy, especially with the uncertainty around the impact of tariffs.
Mortgage markets seem to return to some normal behavior this week, trading mostly on economic data vs. political policy. Most economic data was generally stronger than expected, pushing rates up just a bit. We will end the week right at 6.5% for most 30-year fixed scenarios.
Another decent week for mortgage rates, as the absence of new tariff drama in the past few days helped settle mortgage markets as we continue to recover losses from two weeks ago. We moved down to 6.375% for most 30-year fixed conventional scenarios.
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