Today's Mortgage Rates, November 14, 2024 | Rates Likely to Remain Elevated As Inflation Ticks Up [Business Insider]
Rocket Companies, Inc. Class A (RKT)
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Source: Business Insider
If inflation doesn't decelerate further, mortgage rates may remain near their current levels for longer than expected. The latest consumer price index data didn't do mortgage rates any favors. Though rates started the week a little bit lower, they're now back up in the 6.50% to 7% range, according to Zillow data. In October, inflation rose 2.6% year over year , an increase from the previous month's reading of 2.4%. This uptick was expected, but it's the first time inflation has increased since March 2024. Because inflation has generally been slowing down, the Federal Reserve started lowering the federal funds rate in September, followed by another cut in October. As inflation cools and the Fed cuts rates, mortgage rates are expected to go down . But if inflation doesn't come down further, mortgage rates could remain elevated. "An uptick in inflation was expected in October, but [Wednesday's] reading could set up a fourth quarter that would be slightly above recent September F
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- Today's Mortgage Rates | Rates May Remain Above 6% Next Year [Business Insider]Business Insider
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