Weekly Mortgage Rates Remain Steady Near 6%

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The Labor Department’s report showed employers added 130,000 jobs last month, while the unemployment rate improved slightly to 4.3%.But beneath the optimistic headline was an important footnote. Annual revisions to the jobs data showed that the past two years of job growth were much weaker than first reported. The size of the revision — more than 1 million jobs — was big enough to turn heads.But for the Federal Reserve, which indirectly influences mortgage rates by setting the federal funds rate, the “right now” matters more than the “back then.” Following January’s strong jobs report, most forecasters expect the Fed to hold the federal funds rate steady at its next meeting in March.Earlier today, the National Association of Realtors released its existing home sales report for January. While this data doesn’t impact mortgage rates, it provides a monthly pulse check on affordability, competition and available inventory.January is a predictably slow month for home sales, but last month’s nationwide winter storm also put the market on ice. Existing home sales slid by 8.4% from December to January, while available inventory declined 0.8%."The decrease in sales is disappointing,” Lawrence Yun, NAR’s chief economist, said in a news release. “The below-normal temperatures and above-normal precipitation this January make it harder than usual to assess the underlying driver of the decrease and determine if this month’s numbers are an aberration.”Traditionally, more inventory starts to come on the market in February, giving today’s buyers reason to be optimistic.When the Fed meets March 17-18, policymakers will weigh a surprisingly resilient labor market against their ongoing fight to tame inflation. They’ll get fresh insight from two key January reports: the Consumer Price Index (CPI), out tomorrow, and the Personal Consumption Expenditures (PCE) report, due Friday, Feb. 20.If January’s inflation data show prices aren’t cooling much, the Fed is likely to delay cutting its benchmark rate. In that case, mortgage rates are more likely to hover near current levels than to move sharply lower. In other words, steady economic data could translate into more predictable borrowing costs.Stable mortgage rates mean less stress for shoppers. Instead of wondering if you picked the “perfect” day to lock in your rate, you free up mental energy to focus on what really matters — like comparing offers from lenders and making sure the monthly payment fits your budget.That’s true whether you’re buying a house this spring or calculating your refinancing savings. If this stretch of calm continues, borrowers may not get a dramatic drop, but they may get something just as valuable: a little more certainty.Helpful resourcesDownload the app Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product's site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution's Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. NerdWallet Compare, Inc. NMLS ID# 1617539 NMLS Consumer Access | Licenses and Disclosures California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812 Insurance Services offered through NerdWallet Insurance Services, Inc. (CA resident license no.OK92033) Insurance Licenses Fundera, Inc. NMLS ID# 1240038 NMLS Consumer Access California: California Finance Lender loans arranged pursuant to the Department of Financial Protection and Innovation Finance Lenders License #603L288 NerdWallet has engaged Atomic Invest LLC (“Atomic”), an SEC-registered investment adviser, to bring you the opportunity to open investment advisory accounts (Automated Investing Account and/or Treasury Account) with Atomic. NerdWallet receives compensation of 0% to 0.85% of assets under management annualized, payable monthly, for each referred client who opens an Atomic account and a percentage of free cash interest earned by clients, which creates a conflict of interest. Brokerage services for Atomic are provided by Atomic Brokerage LLC ("Atomic Brokerage"), member of FINRA/SIPC and an affiliate of Atomic, which creates a conflict of interest. See details about Atomic, in their Form CRS, Form ADV Part 2A and Privacy Policy. See details about Atomic Brokerage in their Form CRS, General Disclosures, fee schedule, and FINRA’s BrokerCheck. You also can open a Cash Account offered by Atomic Brokerage which allows you to earn interest on your cash through a cash sweep program.

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