![]() Current mortgage and refinance interest rates The Fed, lenders and housing economists will watch those data drops closely. Inflation numbers for July will be out Aug. ![]() 4, when the Labor Department releases the jobs report for July. (Find out what experts predict for mortgage rates in Bankrate’s August forecast.) The next market-moving development comes Aug. Inflation will remain the main factor driving mortgage rates in the coming months. With the economy and job market humming along at a positive pace the prospect of a recession is dimming for the next six to 12 months.” Now, says George Ratiu, chief economist at real estate data company Keeping Current Matters,“investors are revising their outlook for the remainder of the year. If you’re shopping for a mortgage, keep in mind that 7.09 percent is just an average - some lenders advertise below-average rates on Bankrate. Meanwhile, the credit downgrade affected mortgage rates by pushing up the yields on 10-year Treasury bonds, which are the closest proxy for 30-year mortgage rates. The rates on fixed mortgages don’t precisely follow the Fed’s moves, but there is a correlation between what the central bank does, how the broader economy behaves and how the mortgage market responds. government credit rating downgrade caused mortgage rates to rise this week,” says Sam Khater, chief economist at Freddie Mac. “The combination of upbeat economic data and the U.S. 2, up from 7.09 percent the previous week, according to Bankrate’s weekly national survey of large lenders. Mortgage rates responded in kind, with the average rate on 30-year mortgages increasing to 7.09 percent for the week ending Aug. Meanwhile, Fitch Ratings downgraded its credit rating for the U.S. economy continues to fire on all cylinders, the Federal Reserve resumed its fight against inflation last week, raising interest rates a quarter-point. credit rating downgradeĪmid signs that the U.S. Mortgage industry insights Mortgage rates rise after Fed rate hike, U.S. ![]() In addition, though we strive to make our listings as current as possible, check with the individual providers for the latest information. Our site has comprehensive free listings and information for a variety of financial services from mortgages to banking to insurance, but we don’t include every product in the marketplace. Our advertisers do not compensate us for favorable reviews or recommendations. However, this compensation in no way affects Bankrate’s news coverage, recommendations or advice as we adhere to strict Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. In exchange for placement of sponsored products and services, or when you click on certain links posted on our site. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.īankrate is an independent, advertising-supported publisher and comparison service. Our experts have been helping you master your money for over four decades. ![]()
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