September 28, 2021

MP Now News

Mortgage News

Today’s Mortgage and Refinance Rates: August 28, 2021

In the past few weeks, mortgage and refinancing rates have skyrocketed and sometimes fluctuated by several basis points over the course of the day.

Variable rate mortgage rates fell, rose, and then fell back – a few rates below 4%, a low we hadn’t seen in months. The average rate on fixed-rate mortgages remains low, as does the average rate on FHA and VA loans. Overall, mortgage rates are at historic lows.

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.

Refinancing rate trends

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

The forecast for mortgage rates in 2021

Mortgage rates should stay low for a few more months, but you can see rates rise later in the year.

Mortgage rates depend heavily on employment and inflation in the USA. When employment and inflation improve, mortgage rates rise; when they get worse, mortgage rates go down.

However, unemployment and inflation must grow steadily over the long term for mortgage rates to rise. If both continue to improve over the next few months, we could see higher rates.