loanDepot Economist Sees U.S. Mortgage Rates Near 7% in Fourth Quarter

loanDepot Chief Investment Officer and Head Economist Jeff DerGurahian expects U.S. mortgage rates to stay near 7% in the fourth quarter, with stock weakness and higher oil prices shaping his outlook. In DerGurahian’s view, weaker stocks are drawing buyers back to bonds. He also sees higher oil prices adding to inflation concerns that could lead the Federal Reserve to raise interest rates. Mortgage rates respond to longer-term borrowing conditions and do not necessarily move with the Fed’s short-term policy rate. A weekly reading put the average 30-year fixed mortgage rate at 7.12% in the week ended Sept.

Source: TokenPost