What's happening with mortgage rates in 2019
As predicted, 2018 saw interest rates for a standard 30-year fixed-rate mortgage increase almost 1%, from 3.99% in December, 2017 to 4.84% in November, 2018. Rates fell during December to an average of 4.62%, but were still a half percentage point higher than the beginning of 2018.
Inflationary pressures are the biggest predictor of increasing rates, and as we move into 2019 there is currently little upward pressure on inflation. Global economies are struggling, oil prices are plummeting and uncertainty around Brexit add up to enough unrest to hold inflation in check for the foreseeable future. That said, rates are still expected to move slowly upward during the year.
Out thanks to Jennifer Hager with Home Mortgage Alliance for providing us with the content of this blog.
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