August 5, 2021

MP Now News

Mortgage News

Today’s Mortgage and Refinance Rates: July 9, 2021

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.

After yesterday’s slump in average ARM rates, the rates for both 7/1 ARM and 10/1 ARM are again above 4%. Fixed-rate loan rates have fallen over the past week, however, with rates on a 15-year fixed-rate mortgage competing with government-sponsored lending rates as usual.

Refinancing rate trends

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

Average refinance rates tend to be higher than new mortgage rates, and today is no exception. As with mortgage purchase rates, ARMs are the only ones that are above 4%, and while the rates to refinance a 30-year fixed-rate mortgage are higher than the rates to even get one, they are still solidly in the mid-range of 3% .

The forecast for mortgage rates in 2021

Mortgage rates should stay low for a few more months, but you may find rates rise in late summer or fall.

Mortgage rates depend heavily on employment and inflation in the USA. When employment and inflation improve, mortgage rates rise; if 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.