A BRIEF OVERVIEW OF INFLATION
Inflation is beginning to slowly gain a foothold in our economy. Our consumer confidence levels are in the gutter, and the price of everything we do and everything we buy costs more. You can read about it in a copy of the real estate news. We need to take a closer look at how and why our mortgage rates are affected by rising inflation. And we will give specific mortgage rate breakdowns and up to date information.
INFLATION AND ITS AFFECT ON MORTGAGE RATES
Mortgage rates are on the rise. You can read about it in any real estate news paper. This week alone, fixed rate mortgage rates continued to climb sharply.
You may have already read about it in a real estate news magazine. Mortgage rates were up to their highest point in nine months. All of this occurred after May s released their report showing rising levels if inflation in the producer price indexes and the consumer s price indexes. You can also find this information in a copy of the real estate news. Along with that, there was a 0.6 rise in prices for consumers. This was the largest rise since 2007. You can read about it a real estate news publication. Also, the Federal Reserve plans on increasing the interest rate by this September. This just adds fuel to the fire. You will be able to read more about it in the real estate news. Now, lets go ahead and take a look at the current mortgage rates.
CURRENT MORTGAGE RATES
Today s current mortgage rates were provided by Freddie Mac. Earlier today, Freddie Mac unveiled their Primary Mortgage Market Survey. The 30-year fixed mortgage rates were averaging around 6.42%. Those mortgage rates were up from last weeks mortgage rates of 6.32%. This time last year, the 30-year fixed mortgage rates were 6.69%. There are many real estate news publications were you can find out more information. Next is the 15-year fixed mortgage rate. This week, it averaged 6.02%. Again, as any real estate news paper would tell you, that is up from last weeks 5.93%. This time last year, the 15-year fixed rate mortgage was 6.37%. The only other time in recent history when the 15-year fixed rate mortgage was higher was in 2007. Look back through old real estate news articles to find out more.
TREASURY RATES
These are adjustable rate mortgages that are hybrid and indexed by the treasury. Currently, the five-year mortgage rates are 5.89%. This is up from last week, when it was 5.70%. This time last year, the five-year mortgage rates were 6.31%. This was the highest rate since 2007, when it was at 5.90%. Terms for the one-year adjustable rate mortgages are 5.19%. Up from last weeks when it averaged 5.09%. This time last year, it was 5.66%. You can find all of these rates and more in any real estate news publication.