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![]() ![]() Much of what happens to rates hinges on the future actions of the Federal Reserve. Industry group the Mortgage Bankers Association projects the 30-year fixed will hit 3.3% in the fourth quarter of this year - and 4% during the summer of 2022. No one knows exactly when it will arrive, but the end of low mortgage rates, and the refi bonanza for millions of homeowners, is coming.įreddie Mac’s most recent rate forecast sees the 30-year fixed averaging 3.1% this year, which implies a steady rise over the next three months. At the same time a year ago, the 15-year fixed was averaging 2.35%. The average rate on 15-year fixed mortgages experienced a more significant decline last week, falling from 2.19% to 2.12%. It doesn’t take an overwhelming amount of positivity to get rates moving higher. By contrast, the far more glowing jobs report from July led to an almost immediate jump in mortgage rates. ![]() 3, the 30-year fixed rate has barely moved. And the positive economic news is having more of an impact on mortgage rates than the bad.Ĭonsider this: The government's latest jobs report was especially disappointing, as it showed a much lower-than-expected 235,000 jobs were created in August.īut since the report was released on Sept. “The holding pattern in rates reflects the markets’ view that the prospects for the economy have dimmed somewhat due to the rebound in new COVID cases.”īut today’s challenges just aren’t in the same league as the all-out panic that shut down of much of the U.S. “It’s Groundhog Day for mortgage rates, as they have remained virtually flat for over two months,” said Sam Khater, Freddie Mac’s chief economist. Jarvis program for mac mac#The average interest rate on a 30-year fixed mortgage ticked down from 2.88% to 2.86% last week, mortgage giant Freddie Mac reported on Thursday.Įven though the change was minimal, it’s still more activity than rates have seen for some time. ![]() |
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