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Calendar: what factors influence mortgage rates for the week of August 29 to September 2, 2022?
by
Irene Scott
January 10, 2023
Verified by
Destiny Richardson
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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 might move markets this week.
The main dose of economic news will be released Friday, when the U.S. Labor Department releases its August employment report. The unemployment rate has climbed into double digits in the early months of the coronavirus pandemic, but the U.S. labor market has rebounded so strongly that the Federal Reserve has raised interest rates several times in 2022.
The unemployment rate in July was just 3.5 percent, a figure that falls within any definition of full employment. Mortgage professionals will be watching closely for signs of acceleration or deceleration in the labor market.
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 likewise.
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 business is low, they tend to reduce rates to attract more customers.
Ultimately, rates are set by the investors who buy your loan. Most U.S. mortgages are packaged as securities and resold to investors. Your lender offers you an interest rate that secondary market investors are willing to pay.
