Mortgage Interest Rates Today, April 28, 2024 | Rates Tick Up Following Inflation Report [Business Insider]
Rocket Companies, Inc. Class A (RKT)
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Source: Business Insider
Mortgage rates are currently the highest they've been since November 2023, according to Zillow data. In March, the Federal Reserve's preferred inflation gauge rose slightly faster than expected, the US Bureau of Economic Analysis reported on Friday. The core personal consumption expenditures price index rose at an annual rate of 2.8% last month, coming in flat compared to February and above the forecast of 2.6% Sticky inflation has pushed mortgage rates up in recent months, and we likely won't see them trend down until inflation starts decelerating again. The core PCE price index peaked at 5.3% in February 2022, so it's cooled substantially over the last couple of years. But in recent months, it's remained relatively flat. Once it comes down further, the Fed will be able to start lowering the federal funds rate , removing the upward pressure off of mortgage rates. But borrowers should expect rates to stay high in the near term. Current Mortgage Rates Mortgage type Average
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