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Mortgage rates rise modestly despite lower odds of an October Fed hike

Redfin attributed the uptick to ongoing bond-market worries, even after weaker jobs data and a PCE inflation report reduced the perceived chance of a Fed rate hike in October.

Reported · Written up by our desk · Mortgages

Redfin News said mortgage rates ended the week up modestly, even as recent economic data reduced the probability of a Fed rate hike in October.

The outlet pointed to continuing upward pressure on rates tied to the same concerns that have already pushed mortgage rates up by 1.5 percentage points this year.

Redfin News cited a weak jobs report that suggests the Fed does not face a pressing need to slow down further, along with a PCE inflation report showing lower inflation driven by methodological changes, though it fell slightly more than expected.

For the next decision point, Redfin News said the next inflation data release will be a key input ahead of the Oct. 28 Fed meeting, and that the week’s focus includes the FOMC minutes from the Sept. Fed meeting to assess policymakers’ conviction about the projected path for monetary policy.

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