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Mortgage rates remain significantly lower today than they were two weeks ago, which is good news for borrowers.
As inflation continues to slow, mortgage rates should come down as well. But the job market is one area of the economy that’s showed continued strength in spite of the Federal Reserve’s hikes to the federal funds rate.
Fed Chair Jerome Powell has indicated that the central bank is watching the labor market as a key indicator of whether the economy is effectively cooling in response to its rate hikes. In his press conference following the Fed’s November meeting, Powell noted that the labor market is “out of balance.”
“Reducing inflation is likely to require a sustained period of below-trend growth and some softening of labor market conditions,” Powell said.
So far, markets expect a 50-basis-point hike from the Fed at its December meeting, according to the CME FedWatch Tool. But if economic data continues to show a still-heated job market and inflation doesn’t come down further, the Fed could opt for a larger hike. This would likely push mortgage rates back up.
Mortgage rates today
Mortgage refinance rates today
Use our free mortgage calculator to see how today’s mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you’ll also understand how much you’ll pay over the entire length of your mortgage.
Click “More details” for tips on how to save money on your mortgage in the long run.
30-year fixed mortgage rates
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.
The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you’ll have a higher rate than you would with shorter terms or adjustable rates.
15-year fixed mortgage rates
The average 15-year fixed mortgage rate is 5.98%, a decrease from the prior week, according to Freddie Mac data.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because …read more
Source:: Business Insider