After some signs that inflation was cooling earlier this year, it rose in July and August and remained unchanged in September. While not as high as earlier in 2023, persistent inflation is still a problem to be dealt with, particularly as the 3.7% rate it currently sits at is substantially higher than the Federal Reserve's 2% target goal. And with elevated inflation comes elevated interest rates. The benchmark interest rate currently sits at a range between 5.25% and 5.
'It's always a nearly impossible task to predict mortgage rate movements, but there's no clear reason to expect a sizable drop in the near future,' Nicole Bachaud, senior economist at Zillow, recently told CBS News. If you're looking to purchase a home in today's elevated-rate environment, then it may help to shop around to find the lowest mortgage interest rate possible. Get started here now.