Long-term mortgage rates haven't moved much since late June.
After a year or two of hitting a new record low almost weekly, the rate for a 30-year mortgage has hovered between 2.8% and 2.9% for almost three months. Since early August, rates have been within one basis point of 2.87%.
“The slowdown in economic growth around the world has caused a flight to the quality of the U.S. financial markets,” Freddie Mac's Chief Economist Sam Khater, said last week. “This has led to a rise in foreign investor purchases of U.S. Treasuries, causing mortgage rates to remain in place, despite the increasing dispersion of inflation across different consumer goods and services."
Rates are expected to stay flat for the coming weeks, but there is some thinking that things could get a little more volatile based on what the September jobs report reveals in mid-October and what happens with the debt ceiling debate.
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-rates-have-been-flats-for-months/18751.
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