Rates have been mostly flat since the beginning of the summer, with the average rate for a 30-year fixed loan hovering around 3.03%. 15-year fixed loan rates have similarly remained unchanged at about 2.38%.
As of August 9th, 2021, the average rate for a 30-year mortgage is 3.02%, a decrease of 0.01% from the previous week. 15-year mortgage rates have stayed the same, remaining at 2.38%. ARM rates are also steady at 2.62%, while jumbo loans have seen a slight increase of 0.05% to 3.25%.
Experts predict that rates will remain relatively unchanged in the coming weeks as the global economy continues to recover from the impacts of the COVID-19 pandemic. However, there is some concern that inflation could cause mortgage and refinance rates to start increasing. The U.S. Federal Reserve has suggested that it may start tapering its bond-buying program if the economy continues to improve, which could affect interest rates.
Mortgage and refinance rates are still near historic lows, providing borrowers with an opportunity to save money on their mortgage payments. Those looking to refinance should shop around for the best deal, as there can be significant differences between lenders. It is also important to consider any fees or other charges associated with the loan, as these can add up quickly.
Overall, mortgage and refinance rates are still relatively low, despite the potential for increased inflation and the possibility of the Federal Reserve tapering its bond-buying program. Borrowers should take advantage of this opportunity to save money by shopping around for the best deal and taking into account all associated costs. Despite uncertainty surrounding the future of mortgage rates, right now there is an opportunity to potentially save money on monthly payments.
Analysis:
Mortgage and refinance rates remain near historic lows, making now an opportune time for borrowers to save money on their mortgage payments. As of August 9th, 2021, the average rate for a 30-year mortgage is 3.02%, a decrease of 0.01% from the previous week, with 15-year fixed loans remaining unchanged at 2.38%. ARM rates also remain steady at 2.62%, while jumbo loans saw a slight increase of 0.05% to 3.25%.
While rates have been mostly flat, experts suggest they could begin to increase in the coming weeks as the global economy recovers from the impacts of the COVID-19 pandemic. In particular, the U.S. Federal Reserve's potential decision to taper its bond-buying program could affect interest rates. This is why borrowers considering refinancing should take advantage of today's opportunities to save money by shopping around for the best deal and taking into account all associated costs.
The low rate environment provides an unprecedented opportunity for borrowers to save money each month, so they should take advantage of it while they can. By doing so, they can enjoy the benefit of lower monthly payments and potentially reduce their overall debt in the long run.
This article was contributed on Nov 03, 2023
