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What's Ahead For Mortgage Rates This Week This will be another light week before the next large releases of the CPI and PPI data. The overall unemployment numbers have been trending lower which will likely leave the Federal Reserve board in a state of suspension. They have made many assertive statements they do not intend to cut rates soon, but the signs of a soft landing for the economy are numerous, leading to much speculation about impending rate cuts. As a general indicator, lending partners have seen a near 6 week-to-week decline in lending rates. The largest data releases this week are the U.S. Unemployment Reports and Non-Farm Payroll data releases.

Non-farm Payrolls & Unemployment Rate

Total non-farm payroll employment increased by 199,000 in November, and the unemployment rate
edged down to 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in
health care and government. Employment also increased in manufacturing, reflecting the return of
workers from a strike. Employment in retail trade declined.

ISM Non-Manufacturing PMI

The numbers: An ISM barometer of business conditions at service companies such as restaurants and hotels rebounded to 52.7% in November from a five-month low of 51.8% in the prior month.

Economists polled by the Wall Street Journal had expected the index to rise to 52.4%. Numbers over 50% indicate expansion in the economy.

Primary Mortgage Market Survey Index

Last 6 weeks have seen a week-to-week decline in rates.

15-Yr FRM rates seeing a week-to-week decrease by -0.27% with the current rate at 6.29%
30-Yr FRM rates seeing a week-to-week decrease by -0.19% with the current rate at 7.03%

MND Rate Index

30-Yr FHA rates seeing a week-to-week decrease by -0.07% for this week. Current rates at 6.43%
30-Yr VA rates rates seeing a week-to-week decrease by -0.05% for this week. Current rates at 6.45%

Jobless Claims

Initial claims have increased to 220,000 compared to the expected claims of 223,000. The prior week was 219,000.

What’s Ahead

Next week is an important release schedule with the final CPI and PPI reports, released on Tuesday and Wednesday respectively. With this final release along with the final GDP release cycle, it should give the Federal Reserve the final numbers to move ahead with a plan for next year, which seems likely to include rate cuts.

There are lots of people who have heard that one of the top ways to ensure the best mortgage rate possible is to refinance. At the same time, it is critical to make sure that this process is planned out accordingly.

Therefore, there are a few steps that everyone has to follow to make sure they are able to handle the mortgage refinancing process in a smooth manner that leads to the best rate possible.

Ask If A Refinance Is The Right Step

There are a lot of people who assume that a mortgage refinance is a financial win; however, it is important to keep the added costs in mind. For example, the refinancing process is going to lead to another closing. When this happens, there are going to be closing costs that must be considered.

Therefore, the refinancing process could lead to a higher mortgage payment if the money saved on interest payments is not enough to offset these costs.

Check The Credit Score First

Many people get lured into the refinance process by looking at low mortgage interest rates and assuming they are going to qualify for them; however, this is not always the case. Only the people with the top credit scores are able to qualify for these low rates. Therefore, everyone needs to take a look at their credit score and make sure that their credit report has been cleaned up. This is the only way that people are going to be able to qualify for these low rates.

Talk To A Trained Professional

Finally, many people are going to be going through the refinance process for the first time. It is important to work with a trained professional who can walk everyone through this process, ensuring that they know what they are doing as the process unfolds. This can go a long way toward ensuring that everyone has a successful refinancing experience.

Go Through The Right Steps

Following these steps can maximize everyone’s chances of making sure they end up with a refinance that works for them. By planning out the process ahead of time, everyone can go through the steps they need to make sure that the refinancing process proceeds as smoothly as possible.

What’s Ahead For Mortgage Rates This Week – December 11, 2023

The Required Steps For A Smooth Mortgage Refinance Process

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