Roller coaster week, rates up just slightly

March 28, 2025

Happy Friday from Local Mortgage!

It was an up and down week for mortgage markets. Even after a nice Friday rally, we will end the week just up slightly, right at 6.375% for most 30-year fixed Conventional scenarios.

The week started with a stock market rally on Monday pushing rates up and after a few quiet days midweek, mortgage markets rallied back today. This morning's rally came on the heels of the PCE report. The latest inflation data was a bit stronger than expected, with Core PCE at 2.8%. Even though inflation figures were up a bit from last month, this was close to expectation, so investors reacted positively, and the markets came back pretty close to where we started the week.

In real estate news, existing home sales rose 4% from January with the median existing home price now at $398,400, also up 4% from this time last year. Inventories, while rising, are still at a 3.5-month supply, well below the 6 months supply typical for a balanced market.

Next week we will get manufacturing data on Tuesday, services data on Thursday and the key Employment report on Friday.

Hope everyone has a great weekend and thank you for reading.