Mortgage Rate Update - March 6, 2023

Re-Enter Volatility

The end of last week saw a small improvement in interest rates. US economic data remains directionally inflationary. Data from the EU helped move the market in our favor. Rates are still at their highest levels in months, but there was an important observation we can make from Friday's large swing. The markets remain on edge and are reacting to any news, good or bad.

We will see significant volatility in rates over the next month. The Chairman of the Fed is speaking Tuesday and at the end of this week, we have the all-important jobs report. It is impossible to know where rates go from here. We can be certain it will be a busy week.

We have so many buyers on the fence it is important to manage their perception during the shopping phase. Rates will rise and fall, and timing it is nearly impossible. The cost of waiting is high. We recommend locking as soon as you have mutual acceptance. This gives us transactional certainty and one less ball to juggle during one of the largest transactions of their lives.