Today’s mortgage and refinancing rates: July 17, 2021

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Today’s mortgage rates

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

Today’s refinancing rates

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

Mortgage interest rate forecast

Mortgage rates are usually reflect the state of the US economy… Mortgage rates are high when the economy is strong and low when it is struggling.

Since spring 2020, rates have been at an all-time low as the coronavirus pandemic has wreaked havoc on the U.S. economy. However, it is possible that rates will rise later in 2021 if the economy continues to recover. Inflation has a huge impact on the economy – when inflation rises, mortgage rates can follow suit.

On Monday, the Bureau of Labor Statistics released a summary of its June CPI, which is a common tool for measuring inflation. The report showed that inflation increased by 0.9% from May to June. This bump exceeded expectations by 0.5%, and this is the largest monthly increase since April 2008.

However, mortgage rates are not immediately rising in response to rising inflation. Many politicians and economists say inflation is skyrocketing as businesses reopen and more Americans get vaccinated. But as rediscovery becomes the norm, they predict inflation will slow down.

You will probably have more time to lock in your low mortgage rate. But if inflation continues to rise, mortgage rates could rise later this year.



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