Over the last few weeks, mortgage rates appear to be moving up and down as the market grapples with inflation fears, pandemic impacts, and spurts of positive economic data. Retail Sales and Industrial Production revealing a solid uptick in activity and data showing inflation stubbornly refusing to slow builds a case for rates to move upward. Alternatively, social restrictions, supply chain challenges, and potentially crimped economic activity due to the virus argue for rates to remain low. Those competing narratives have pushed rates back and forth, and will likely continue to do so.
Even in this holiday-shortened week, we could see this come into play again. The PCE is likely to reveal that inflationary pressures remain higher than we’d like to see, while the news cycle may feature many stores of lockdown in other countries and experts expressing concerns for a domestic winter surge of cases and hospitalizations. With many economists still confident that inflation will soon begin to abate, worries about the future could press rates back downward before Thanksgiving.
Here are key interest rates at open of business this morning to begin the week of November 22nd:
- 30-Year Fixed: 3.000%
- 20-Year Fixed: 2.875%
- 15-Year Fixed: 2.375%
- FHA 30-Year Fixed 2.990%
- VA 30-Year Fixed 2.990%
- Jumbo 30 Year Fixed 3.000%
- Prime Rate: 3.250%
As always, thank you for your business and should I be of any assistance, please don’t hesitate to email or call!
** Please note that I am now licensed in the following states: MN, WI, FL & AK **
Producing Branch Manager
10400 Yellow Circle Drive, Suite 320
Minnetonka, MN 55343
MN License Number MN-MLO-324106.