While the Federal Reserve won't meet again until June, and thus, a formal adjustment to interest rates won't happen until then, it doesn't mean that May will be uneventful. Observers will instead turn to the Bureau of Labor Statistics as they prepare to release their inflation report for April. What that report shows will go a long way toward determining what next actions the Federal Reserve will take.
February 2024: The February inflation report showed inflation at 3.1%, below December's 3.4%. The mortgage rate for a 30-year fixed loan was 7.13% on February 13, the date of the report's release, but it dropped to 7.09% the following day.March 2024: March's report showed inflation increasing slightly from 3.1% in January to 3.2% in February, except this time the opposite occurred. The rate for a 30-year fixed mortgage went up from 6.92% on March 12 to 6.94% the following day.
Source: Loan Digest (loandigest.net)
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