General World News

Mortgage rates cool off ahead of inflation reading

In anticipation of Tuesday’s inflation reading, mortgage rates eased compared to last week.

HousingWire’s Mortgage Rate Center showed the average 30-year fixed rate for conventional loans at 7.08% on Tuesday, down from 7.17% one week earlier. At the same time one year ago, the 30-year fixed rate averaged 6.83%. Meanwhile, the 15-year fixed rate averaged 6.46% on Tuesday, down from 6.5% one week earlier.

The relief in borrowing costs, however, may be short-lived as Tuesday’s strong inflation data is likely to reverse this trend. Consumer prices in February were up 3.2% from a year earlier, details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com