Mortgage rates for 30-year fixed loans were steady, while 15-year fixed rates and 5/1 ARMs ticked down, according to a NerdWallet survey of daily mortgage rates published by national lenders Friday morning.
The prices we pay for goods and services continued to rise in July, but at a slower pace than expected at this stage of an economic expansion. The Labor Department’s Consumer Price Index, released this morning, continues to measure inflation well under the Federal Reserve’s target of 2%. At 1.7% — up just 0.1% from the 12-month period ending in June — inflation was below economists’ expectations for the fifth month in a row.
Benign inflation muddles the Fed’s plans for interest rate hikes, and Wall Street futures are now betting there will be no further rate raising from the central bank this year.
Combined with more hand wringing over North Korea, it may be enough to keep a lid on mortgage rates for the short term.
MORTGAGE RATES TODAY, FRIDAY, AUG. 11:
NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. APR quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.
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