Thursday, July 29

Today’s mortgage and refinance rates: July 10, 2021


Today’s mortgage rates: July 10, 2021

Mortgage type Average rate today
15-year fixed 2.36%
30-year fixed 3.28%
7/1 ARM 4.39%
10/1 ARM 4.01%
30-year FHA 2.62%
VA mortgage loan 2.73%

Conventional rates from Money.com; government-backed rates from RedVentures.

Today’s refinance rates: July 10, 2021

Mortgage type Average rate today
15-year fixed 2.60%
30-year fixed 3.69%
7/1 ARM 4.13%
10/1 ARM 4.27%
30-year FHA 2.66%
VA mortgage loan 2.76%

Conventional rates from Money.com; government-backed rates from RedVentures.

Mortgage interest rates forecast

The US economy has struggled during the COVID-19 pandemic, and mortgage rates have stayed low as a result. There is speculation that mortgage rates could start to increase as the economy steadily improves.

Employment numbers in the US are getting better, which could mean mortgage rate increases in the future. But the country probably needs to experience longer-term, more stable boosts for mortgage rates to respond. Last week, 373,000 Americans filed for unemployment insurance, which surpassed the estimate of 350,000.

Inflation has also gone up, which might make mortgage rates spike in the long run. The

Federal Reserve
predicts that high inflation is a temporary response to companies reopening as Americans get vaccinated, though.

The June Consumer Price Index Summary, a common tool for measuring inflation, comes out Monday. The results could give Americans a better idea for mortgage rate trends later in 2021.



www.businessinsider.com

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