Today’s mortgage and refinancing rates: July 28, 2021

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Today’s mortgage rates

Mortgage type Average rating today
15 year fixed 2.36%
30 year fixed 3.27%
7/1 ARM 4.21%
10/1 ARM 4.26%
FHA 30 2.60%
VA mortgage 2.69%

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

Today’s refinancing rates

Mortgage type Average rating today
15 year fixed 2.51%
30 year fixed 3.51%
7/1 ARM 4.52%
10/1 ARM 4.54%
FHA 30 2.63%
VA mortgage 2.75%

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

Mortgage interest rate forecast

Mortgage rates are usually low when the economy is in dire straits. The US unemployment rate has been high since the start of the coronavirus pandemic, which is one of the reasons for low mortgage rates.

USA added jobs over the past few months as Americans get vaccinated and businesses reopen. However, this improvement was relatively short-term, so mortgage rates have not yet increased.

Federal extended unemployment benefits will end in September, and several states have already cut these benefits ahead of schedule. It is possible that ending unemployment benefits during the pandemic will force Americans to return to work and increase the number of jobs. If so, then in the fall we may see an increase in mortgage interest rates.

However, states that have already cut reinforced unemployment insurance have not seen a sharp rise in the number of jobs yet… It is unclear if there is the end of these benefits nationwide will have a positive impact on the employment many hope for.

Perhaps mortgage rates will rise in the fall, but this far from guaranteed

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