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Calendar: what are the factors affecting mortgage rates for the week of August 29 to September 2, Finwower?
by
Irene Scott
October 4, 2023
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Mortgage rates are notoriously difficult to predict. They move up and down based on market sentiment, headlines and a variety of economic indicators. Here is a look at what could move markets this week.
Key economic news will be released Friday when the U.S. Department of Labor releases its August employment report. The unemployment rate rose to double digits in the early months of the coronavirus pandemic, but the U.S. labor market has recovered so strongly that the Federal Reserve raised interest rates several times in 2022.
In July, the unemployment rate was only 3.5 percent, a figure that meets the definition of full employment. Mortgage professionals will be watching closely for signs of labor market acceleration or deceleration.
Calculating mortgage rates is complex, but here is a simple rule to follow: The 30-year fixed-rate mortgage closely tracks the 10-year Treasury yield. When the 10-year Treasury yield rises, the popular 30-year fixed-rate mortgage tends to do the same.
Fixed-rate mortgage rates are influenced by other factors, such as supply and demand. When mortgage lenders have too much business, they raise rates to reduce demand. When activity is low, they tend to reduce rates to attract more customers.
Ultimately, rates are set by the investors who buy the mortgage. Most U.S. mortgages are packaged into securities and resold to investors. Your lender offers you an interest rate that secondary market investors are willing to pay.
