Current mortgage and refinancing rates: August 8, 2021

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Current mortgage rates

Regular bets from Money.com; government-backed rates of RedVentures.

Current refinancing rates

Regular bets from Money.com; government-backed rates of RedVentures.

How mortgage rates have changed

Dynamics of mortgage rates

Regular bets from Money.com; government-backed rates of RedVentures.

Although mortgage rates fluctuate from day to day, and even more from week to week, in general they have remained low for several months.

The highest rates are available for adjustable rate mortgages. experts do not recommend right now in favor of applying for 15 or 30 years fixed rate loans For this reason: not only are the rates for ARM currently high, but they can increase over the life of your loan. It is generally cheaper to lock in a low flat rate now and keep it for as long as you have a loan.

The difference between the rates is now relatively large: the average rate for a fixed mortgage for 15 years is only 2.40%, while the average rate for 10/1 ARM is significantly higher – 4.45%.

Refinancing rates dynamics

Regular bets from Money.com; government-backed rates of RedVentures.

Forecast of mortgage rates in 2021

Mortgage rates are likely to remain low until the fall.

Mortgage rates are highly dependent on employment and inflation in USA. When jobs and inflation improve, mortgage rates rise; when they get worse, mortgage rates go down.

However, to raise mortgage rates, unemployment and inflation must have long-term sustained growth. If both rates continue to improve over the next few months, we may see higher rates.

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