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Today's Mortgage Rates, May 21, 2025: Rates Slingshot Higher on Deficit Concerns
- The Bank of England cut its interest rate from 4.5% to 4.25% earlier in May, citing easing inflation concerns.
- However, inflation rose to 3.5% in April, up from 2.6% in March, which diminished expectations for further rate cuts soon.
- Mortgage rates in the US increased last week, with the average 30-year fixed rate rising to 6.92%, while applications for home purchases dropped 5.1%.
- Peter Stimson of MPowered noted that the timeline for interest rates to decline has extended and will proceed more gradually than anticipated just a few weeks prior, reflecting a shift in market expectations.
- These changes suggest borrowers should start shopping for fixed-rate mortgages early as the prospect of near-term rate reductions has become unlikely.
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Mortgage Demand Slumps, Rates Rise to Highest Level Since February
Demand for mortgages declined last week as interest rates rose to their highest level since February, new industry data show. The Mortgage Bankers Association announced on May 21 that mortgage applications tumbled by 5.1 percent for the week ending May 16, the sharpest drop in a month. This is down from the previous week’s modest 1.1 percent increase but up by 13 percent from a year ago. Application volumes for mortgage refinancing also fell by …
·New York, United States
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Total News Sources11
Leaning Left0Leaning Right2Center5Last UpdatedBias Distribution71% Center
Bias Distribution
- 71% of the sources are Center
71% Center
C 71%
R 29%
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