If you were hoping for some excitement in the world of mortgage rates this week, you might be disappointed or pleasantly surprised, depending on your outlook.
Despite a flurry of economic reports, including the much-anticipated inflation data and today’s Retail Sales numbers, mortgage rates barely moved. In fact, since last Friday, we’ve only seen minuscule changes, about 0.01% to 0.02% in the average 30-year fixed rate. That’s as calm as it gets in rate-land.
Normally, a strong Retail Sales report like today’s would send rates climbing. But this time? Not so much. Once inflation is factored in, the data shows consumer spending, especially on non-essentials, is slowing. That kind of cooling is actually good news for interest rates.
Even with slight improvements in the bond market (which mortgage rates follow), there wasn’t enough momentum to make a real difference. So, here we are: another day, another flatline.
What’s next? Don’t expect much action over the next two weeks. The economic calendar is pretty uneventful until early August, when the next jobs report could stir the pot. Until then, unless some unexpected news drops, mortgage rates are likely to keep hitting the snooze button.