mortgage Interest rates jumped yesterday at fastest rate in more than 2 months. Although it is not necessarily the end of the world when a 30-year-old property can still be kept in the high range of 2%, it was not fun for those with loans in process. Today was not good either. While the pace of upward movement slowed significantly, rates moved even higher today, bringing the average lender to the worst levels in almost exactly one month.
There is never any way of knowing where interest rates will be at any given time in the future, but we know that this week represents a clear break from the trend seen in the last two months. From the beginning of June to the beginning of August, mortgage rates moved lower at an incredibly calm and steady pace and hit several record lows during the process. Yesterday was the first major setback in the other direction. When this happens, it is usually not safe to assume a quick return to the previous trend.
In other words, we are in “wait and see”