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Loan Type | Rate | Points | APR |
Conventional | 6.750% | 1.990 | 6.947% |
FHA | 6.750% | 1.314 | 7.607% |
Weird mix of data hitting the markets this morning and mortgage rates in particular don’t like it. First, the GDP, a measure of how quickly the U.S. economy is growing, posted slower than what Wall Street expected by a lot, actually.
Wall Street forecasted growth in the mid-twos. Instead, it got growth near one-and-a-half. But at the same time, another piece of data hit the wires, and that’s PCE, Personal Consumption Expenditures, the Federal Reserve’s preferred inflation gauge.
It didn’t slow as growth in the economy slowed. PCE sped up, nearly doubling from last quarter’s reading to 3.4% per year, which puts the Federal Reserve in a strange position. They’ve already said they’re going to cut rates.
But when? They do it now, economic growth gets a boost, but with the potential cost of inflation. If they do it later, inflation could retreat, but at the potential cost of growth.
This is why mortgage rates are higher today. Markets are taking a defensive stance ahead of next week’s Fed meeting. Keep an eye on mortgage news and subscribe to our main channel.
I’m Dan with Homebuyer.com Happy homebuying.
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