The economy has been doing surprisingly well so far this year, so it may be a bit longer before we see mortgage rates start trending down.
Average 30-year mortgage rates have increased this month and are around 30 basis points higher than last month’s average. They’ll likely stay near their current levels until we get more data showing how inflation is trending this year.
Initially, it looked like the Federal Reserve might start cutting rates early in the year since inflation appeared to be continuing to head down toward the Fed’s 2% target. Though the latest Consumer Price Index report did show that inflation ticked down a bit year over year from the previous month, core inflation sped up slightly on a monthly basis.
Overall, inflation is forecasted to continue coming down, but it may take a big longer than initially expected. This will likely keep mortgage rates high for at least the next few months.
To continue reading the rest of the article, please click on the source link below:
https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-tuesday-20-2024-2
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
