Recent inflation reports indicate that the year-over-year inflation rate has reached 5%, which remains significantly higher than the Federal Reserve’s acceptable target rate of 2% inflation. In light of this development, the CME FedWatch Tool has predicted over an 85% likelihood of a rate raise of 25 basis points. Despite recent banking industry turbulence and inflation concerns, mortgage rates have remained relatively unaffected. The average 30-year fixed rate mortgage has risen by 0.09% today to reach 6.70%, maintaining a range of 6-7% since November 2022, except for a brief surge above 7% in early March.
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Source: https://www.mortgagenewsdaily.com/mortgage-rates/30-year-fixed – https://www.weforum.org/agenda/2023/04/inflation-reaches-lowest-point-in-almost-two-years/ – https://www.mortgagenewsdaily.com/mortgage-rates/30-year-fixed
