The Rate Also Rises

Years from now when scientists examine mortgage rates in July 2020, they’d be forgiven for coming to the conclusion that rates only ever move lower. As we’ve learned in the first week of August, rates also rise. 
To be fair, there were a few days in July where more than a few lenders moved slightly higher in rate, but it really wasn’t until this week that we arguably saw a shift in the broader trend–or at least warning signs about a potential shift.
What does that mean, exactly?
It might not mean much at all, depending on where we go from here.  Over longer time horizons, it’s entirely possible that rates return to recent record lows.  This week’s upward movement serves as more of a warning about complacency and about being ready to lock if you happen to have a loan in process….(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed