Mortgage rates are low in general today, and they will probably stay low for the rest of 2021. Fixed mortgage rates have been getting a little higher over the last three weeks, but 30-year rates have stayed under 3.5%.
Mortgage rates tend to be low when the economy is struggling, and the coronavirus pandemic continues to hurt the US economy.
Inflation and employment numbers were aggressively rising for a few months, which were signs that the economy was improving. However, inflation did not rise as quickly as expected in August in the latest Consumer Price Index, and the country created almost 200,000 fewer jobs than expected in September.
The job market and inflation need to make greater strides for buyers to see long-term, significant increases in mortgage rates.