It was a quiet week for economic news this week and there were not any surprises. As a result, mortgage interest rates ended the week lower than last week. With inflation and GDP continuing to rise and meet expectations it is anticipated that the Federal Reserve will continue to tighten by continuing to raise short term interest rates.
Next week the following economic reports will be released and economic events will occur:
- The ISM National Manufacturing Index will be released on Monday;
- The minutes from the June 13 Federal Reserve meeting will be released on Thursday;
- The unemployment report will be released on Friday;
- The mortgage markets will close early on Tuesday and be closed on Wednesday in observance of the 4th of July holiday.