Idaho Mortgage Interest Rate Forecast

for the Week of May 30, 2023

This Week’s Idaho Mortgage Interest Rate Forecast:

Rates could be volatile

This week saw rates improve on Tuesday on news that a deal was reached to raise the debt ceiling after markets were closed on Monday for Memorial Day. However, there is a lot of economic data this week that could influence mortgage rates, especially Friday’s jobs data, and we could see rates become volatile this week.

(See Live Interest Rates)

What’s affecting rates this week:

Economic data: A lot of data this week, especially around the labor market. We could see rates react each day to different reports, and Friday’s jobs data is the most likely to cause big moves depending on how the data comes in.

Debt ceiling talks: A deal was reached but will not be voted on by Congress until Wednesday. The initial reaction to the news was good for mortgage rates, but wasn’t enough to push rates much lower.

The Fed: Speculation continues to grow that the Fed will raise rates at June’s meeting, pushing mortgage rates higher.

If you would like to discuss interest rates further or find out the benefits of locking your rate today, please contact your mortgage professional at (208) 297-7444 or Jesse@HomeLoansofIdaho.com