The average interest rate on mortgages today is at a 20-year high. It is also almost three times higher than a mere three years ago. This means that for every $100,000 borrowed to buy a home, monthly payments are $270 more now than they were in 2020. But there are alternatives to conventional mortgages that might help.
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Learning how to thrive in these inflationary conditions financially is a wise move for anyone, as it’s impossible to be sure how long they will last. Here are some suggestions.
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Depending on which inflation measure is preferred, people either come away frowning or smiling after reading or hearing today’s federal report. Let’s take a look.
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A UNC economist said Friday that high gas prices could indicate that inflation is still an issue—which might mean that the Federal Reserve will raise interest rates.
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U.S. employers added 187,000 last month, fewer than expected, as the higher interest rates continued to weigh on the economy. That number could lesson inflation pressure and have an impact on the Federal Reserve’s view on further interest rate hikes.
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Signs that inflation pressures in the United States are steadily easing emerged Friday in reports that consumer prices rose in June at their slowest pace in more than two years and that wage growth cooled last quarter.
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Today’s second quarter GDP report came in higher than expected, showing the economy continues to expand despite interest rate hikes and fears of a recession. So what’s next? Dr. Mike Walden, economist at N.C. State, takes a look.
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“The Fed’s 25 basis point interest rate increase can be viewed as a matter of ‘short term pain for long term gain,’ N.C. State economist Dr. Mike Walden says. “If the Fed’s policy works out, we will see a continued decline in the inflation rate.” That could mean lower interest rates, too.
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“I feel like we are on a golden path of avoiding recession,” Chicago Fed President Austan Goolsbee said earlier this month. Businesses are optimistic about lower prices at the factory gate and the continued improvement of supply chains.
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