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It’s a slow start to the week with financial markets closed in observance of Martin Luther King Jr. day. With no trading going on, mortgage rates are going to remain flat until tomorrow.

As we move through the week we do have several political and economic events that could influence the direction of current mortgage rates. Read on for more details.

Where are mortgage rates going?        

Rates flat. Markets closed today. 

Financial markets are closed today in observance of Martin Luther King Jr. Day. That means that mortgage rates are going to remain unchanged today.

Click here to get today’s latest mortgage rates (Jul. 26, 2023).

Looking ahead to the rest of the week, we have a few important economic reports to be released, such as the Industrial Production and Consumer Sentiment reports.

We’ll also get the Fed’s Beige book out on Wednesday, which gives us some anecdotal evidence about how the U.S. economy is doing in the various Fed regions.

In other news, investors will also be keeping their eye on the government shutdown situation, as lawmakers have until midnight on Friday to agree on funding. It doesn’t seem as though a shutdown will happen but you really can’t count anything out at this point, so it’s definitely something to watch.

The bottom line is that mortgage rates could move around a little bit this week but we expect them to stay in a fairly tight range. It’s really up to the economic data and U.S. lawmakers as to which direction they fluctuate.

Rate/Float Recommendation     

Lock now while rates are low

Mortgage rates are flat right now but expected to rise in the coming weeks and month. For this reason, we’re recommending that borrowers lock in a rate on a purchase or refinance sooner rather than later.

Click here to head to our Mortgage Builder and figure out how much you could save.    

Today’s economic data:             

  • Nothing: Markets Closed for Martin Luther King Jr. Day

Get the GreenLight and close in 21 days*     

Notable events this week:             

Monday: 

  • Nothing: Markets Closed for Martin Luther King Jr. Day

Tuesday:    

  • Empire State Mfg Survey

Wednesday:     

  • Industrial Production
  • Housing Market Index
  • Beige Book
  • Fedspeak

Thursday:       

  • Housing Starts
  • Jobless Claims
  • Philadelphia Fed Business Outlook Survey
  • EIA Petroleum Status Report

Friday:      

  • Consumer Sentiment

*Terms and conditions apply.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.

Source: totalmortgage.com