Mortgage Rates

At present’s Present Mortgage and Refinance Charges: August 8, 2021

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Current mortgage rates

Conventional Tariffs from Money.com; government-sponsored rates from RedVentures.

Current refinancing rates

Conventional Tariffs from Money.com; government-sponsored rates from RedVentures.

How mortgage rates have changed

Mortgage rate trends

Conventional Tariffs from Money.com; government-sponsored rates from RedVentures.

Although mortgage rates fluctuate from day to day and even more so from week to week, they have remained low overall for months.

The highest rates available are for adjustable rate mortgages, which experts currently tend not to recommend for applying for 15- or 30-year fixed rate loans. can be increased during the life of your loan. It is generally cheaper to get yourself a low fixed rate now and keep that rate for as long as you have the loan.

The spread between the rates is currently relatively large: the average rate for a 15-year fixed-rate mortgage is only 2.40%, while the average rate for a 10/1 ARM is significantly higher at 4.45%.

Refinancing rate trends

Conventional Tariffs from Money.com; government-sponsored rates from RedVentures.

The forecast for mortgage rates in 2021

Mortgage rates are likely to stay low through the fall.

Mortgage rates are highly dependent on employment and inflation in the United States. When employment and inflation improve, mortgage rates rise; when they get worse, mortgage rates go down.

However, unemployment and inflation must have long-term, steady growth in order for mortgage rates to rise. If both continue to improve over the next few months, we could see higher rates.

Laura Grace Tarpley, CEPF

Editor, Bank & Mortgage

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