Mortgage rates for 30-year fixed-rate loans were steady, 15-year fixed-rates ticked higher, and 5/1 ARMs were unchanged, according to a NerdWallet survey of daily mortgage rates published by national lenders Monday morning.
The Federal Open Market Committee — the monetary policy arm of the Federal Reserve — announces its latest thinking on the economy Wednesday. Analysts expect the Fed to stand pat on short-term interest rates.
“Although the labor market continues to strengthen and is likely beyond what the committee deems full employment, inflation has slowed noticeably since the last meeting,” BBVA economists Nathaniel Karp and Boyd Nash-Stacey said in an analysis Friday.
“Assuming inflation conditions do not deteriorate further, financial conditions remain stable and there are no major shifts in domestic policies, we anticipate the committee will resume interest rate policy normalization in December,” they added.
That normalization would likely mean a quarter-percentage-point short-term interest rate increase just prior to the end of the year. Unless something else shakes the bond market, mortgage rates could remain favorable for the balance of 2017.
MORTGAGE RATES TODAY, MONDAY, JULY 24:
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.
Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: firstname.lastname@example.org. Twitter: @halmbundrick.