The 30-year fixed-rate average mortgage rate has held steady between 3.41% and 3.48% since late June, according to Kathy Orton of The Washington Post. The most recent Federal Reserve minutes do not indicate either positive or negative economic effects on mortgage rates, and Freddie Mac has projected rates below 4% for the rest of this year, and all of next year as well, in its latest monthly outlook.
“Inflation is not adding any upward pressure on interest rates as the Bureau of Labor Statistics reported that the Consumer Price Index was unchanged in July,” Sean Becketti, Freddie Mac chief economist, said in a statement.
Mortgage applications are also lower this week, according to the Mortgage Bankers Association. The market composite index, refinance index, and purchase index have all fallen by 4%.