Buyers hoping for mortgage rates to drop may not need to wait much longer. Here's how it could happen in August.
Homebuyers who didn't take advantage of record-low mortgage interest rates in 2020 and 2021 have had to cope with exponentially higher rates ever since. Thanks to inflation and a concentrated effort by the Federal Reserve to tame it, the federal funds rate soared last year to its highest level in decades. And mortgage rates soon followed, hitting their highest point since 2000. As inflation has steadily cooled since, however, mortgage rates have fallen slightly.
While this adjustment will be marginal to start, it could still lead to major savings when viewed through the prism of a 30-year mortgage loan. So borrowers should be prepared to lock in a rate around this time.Start shopping for the best rates and lenders online today.Inflation could fall againThe next inflation report is scheduled to be released on August 14 by the Bureau of Labor Statistics, detailing the inflation rate for July.
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