Mortgage Rate Forecast: Unveiling the Week Ahead – November 13, 2023

The week following the FOMC rate decision meetings tends to be relatively subdued, with key attention on influential releases such as the University of Michigan Consumer Sentiment and the weekly Job Claims reports. Notably, mortgage lending rates have experienced a decline over the past two weeks.

Consumer Credit Reports and Sentiment Trends

Consumer sentiment, reflecting the fourth consecutive monthly decline in November, attributes the downturn to heightened tensions in the Middle East and lingering hawkishness from the Federal Reserve. The preliminary reading of the sentiment survey dropped to 60.4 from October’s 63.8, marking the weakest reading since May.

Primary Mortgage Market Survey Highlights

  • 15-Yr FRM rates seeing a week-to-week decrease by -0.22% with the current rate at 6.81%.
  • 30-Yr FRM rates seeing a week-to-week decrease by -0.26% with the current rate at 7.5%

MND Rate Index and Mortgage Rate Adjustments

  • 30-Yr FHA rates increased week to week seeing a 0.20% increase for this week. Current rates at 6.91%
  • 30-Yr VA rates increased week to week seeing a 0.04% increase for this week. Current rates at 6.74%

Jobless Claims Report Insights

The weekly jobless claims report from the Labor Department revealed unemployment rolls rising to a six-month high. Initial claims decreased to 217,000, surpassing the expected 220,000, while the previous week reported 220,000 claims.

Looking Ahead

Anticipate more significant market impacts in the upcoming week, as crucial data reports on CPI and PPI are set to be released. Additionally, expect a substantial number of Federal Reserve members to speak throughout the week, providing insights into future rate policy decisions.

Let's talk

If you want to get a free consultation without any obligations, fill in the form below and we'll get in touch with you.