As Mortgage Rates Flatten, Markets Anticipate Federal Reserve Speeches

Mortgage rates were flat over the past week after climbing since the start of January. The average prime 30-year fixed mortgage rate quoted on Zillow ended Wednesday at 4.23 percent, holding near four-year highs.

Markets were closed on Monday for President’s Day, and there have been no major data releases since last Wednesday’s inflation report pushed rates upward.

Going forward, markets are likely to focus on leadership changes at the European Central Bank, which could move European monetary policy toward a less accommodative stance and push up interest rates globally. In addition, there are several speeches by Federal Reserve officials over the next week, including newly installed Chair Jerome Powell’s first official speech since taking over the Fed in mid-February.

In general, however, we expect no major movements in rates over the next seven days.