Today's Mortgage Rates, November 12, 2024 | Rates Drop Back Down [Business Insider]
Rocket Companies, Inc. Class A (RKT)
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Source: Business Insider
Where rates go next depends on how inflation trends in the coming months. Mortgage rates have dropped back down after spiking ahead of the election last week. But rates are still around 20 basis points higher than they were last month, and they're nearly 70 basis points higher than they were in September, according to Zillow data. Rates have increased recently in response to strong economic data and market expectations that some of President-elect Donald Trump's proposed policies could push inflation higher On Wednesday, we'll get an updated look into how inflation trended last month with the latest consumer price index data. Right now, year-over-year inflation is forecast to come in flat from where it was the month before at 2.4%, according to Investing.com Next year, mortgage rates are expected to go down as the Federal Reserve continues lowering the federal funds rate. But if inflation doesn't decelerate further, the Fed may need to pause cutting rates or even raise rates.
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