The average 30-year fixed mortgage rate is over half a percentage point lower now than it was two weeks ago. Rates have been volatile in recent weeks, but have generally trended down as markets prepare for a possible recession.
The Federal Reserve has been raising the federal funds rate to try to tame inflation, and many now fear that it won’t be able to do so without slowing the economy too much.
Some have even speculated that we’re already in a recession, pointing to the fact that the gross domestic product has fallen two quarters in a row. But on Friday, the Bureau of Labor Statistics announced that the US added 528,000 jobs in July, which was well above what many economists had been expecting.
Mortgage rates may remain volatile as the results of the Fed rate hikes continue to play out.
Current mortgage rates
Current refinance rates
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 …read more
Source:: Business Insider