Mortgage rates for 30-year fixed loans held firm, while 15-year fixed rates and 5/1 ARMs eased a bit, according to a NerdWallet survey of mortgage rates published by national lenders Monday morning.
Friday’s U.S. employment report saw “impressive” job growth but annual wage increases “stuck” around 2.5%, according to Doug Duncan, chief economist at Fannie Mae. However, Duncan believes the Federal Reserve will stick to its plan to continue gradually raising short-term interest rates.
“All in all, the report signals no sense of urgency for the Fed and should give the Fed every reason to stay the course of a gradual monetary policy normalization, as it has been telegraphing to the markets,” Duncan said in a statement. “We now expect the Fed to announce its policy to taper the balance sheet in September and hike the fed funds rate once more this year, in December.”
“Tapering” the balance sheet means the Fed will reduce its portfolio holdings of government bonds. That, along with increasing short-term fed fund interest rates, could compel mortgage rates to move even higher by the end of the year.
MORTGAGE RATES TODAY, MONDAY, JULY 10:
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: [email protected] Twitter: @halmbundrick.
Get Daily Mortgage Rate Updates
We’ll email you each morning with the latest mortgage news.
- Should be Empty:
The article Mortgage Rates Monday, July 10: Shorter Terms Sag originally appeared on NerdWallet.
Realty Solutions Group was built around a simple but elusive concept: provide brokers and clients with the highest level of service in the industry through cutting-edge sales, marketing programs and a culture that values innovation, relationships and a strong local focus.
In less than 5 years, Realty Solutions Group is among the top independent brokerage firms in S/E Wisconsin.
As a locally-owned, independent company, Realty Solutions Group is deeply committed to supporting the communities and clients we serve. We are constantly evolving, but remain focused on that one simple idea behind our founding.
We are a full service brokerage with discounted commissions. We offer no long term listing contracts, a Performance Guarantee, Smart Seller Program and a Communication Guarantee. Contact us today and let us provide you with the very best real estate experience.
Powered by WPeMatico