Mortgage rates are starting the week slightly higher as markets weigh new economic data and continued uncertainty overseas.
Attention remains on oil, inflation, the job market, and the Fed, all of which can influence the direction of mortgage rates.
The ceasefire period between the U.S. and Iran has ended, and oil transportation remains disrupted. Even with those challenges, weaker global demand has helped keep some pressure off oil prices.
Recent reports also point to more stable inflation, softer consumer spending, and slower hiring. That gives the Fed additional reason to stay patient as it considers future policy decisions.
What This Means
For now, mortgage rates are holding up fairly well considering mixed market conditions. Cooling economic activity and steadier inflation may help provide some balance if those trends continue.
Looking Ahead
Markets will get new updates this week on housing and employment, while continuing to follow oil prices. The Fed Minutes will be closely watched for more detail on how officials are thinking about inflation, the labor market, and future policy decisions.
Miguel Terrazas
Mortgage Planner/Planificador Hipotecario // NMLS #227518
