Source: Forbes —
Inflation is beginning to show signs of slowing, which means that the long streak of low mortgage rates is likely to extend into next year. So if you’re considering refinancing your home, this is still a good time to do so.
Consumer prices—a key measure of inflation—fell short of what was expected, rising just 0.3% in August from July, according to the latest report from the Labor Department. Overall, inflation rose 5.3% (before seasonal adjustment) for the 12 months ending in August.
Although one month’s data may not be significant, it is in line with what Federal Reserve Board Chairman Jerome Powell has noted about summer’s spikes in inflation being transitory. Supply and demand has been out of whack since Covid-19 struck, which sent inflation skyrocketing in July. So August’s report was a relief, especially considering the Federal Open Market Committee’s (FOMC) is meeting September 21 and 22 to discuss next steps on monetary policy.