Mortgage rates remain flat, despite concerns over the intensifying trade battle between the U.S. and China and the resulting stock market uncertainty.
According to Zillow economic research director Aaron Terrazas, rates appear to be in a "summer lull" below the latest high levels, yet higher than in January 2018. Terrazas anticipates that, "rates are likely to remain in the zone where they have stabilized in recent weeks," and incoming inflation data and upcoming Congressional testimony by Federal Reserve Chair Jerome Powell.
Friday June 29 marked the release of the Federal Reserve’s preferred inflation measure, the personal consumption expenditures price index excluding food and energy. May numbers are not expected to rouse Fed concerns. One indication that the economy is percolating is U.S. oil production, which this month reached – and maintained – record levels. The United States is producing more oil each day than any other country except Russia.