Did We Find the Bottom?
Hold on to your seats! Rates are heading up!
Over the past couple weeks, we have begun to see a steady upward trend in mortgage rates. Last week, rates began to worsen and we have not seen any real relief since.
Much like the gas prices, even when good news comes, the prices seem to still climb. Mortgage rates have tended to follow the news. Good economic news such as a down turn in unemployment and an improvement in the stock market would usually push mortgage rates upward. Conversely, if unemployment rates rose and the stock market fell, rates would decline. However, over the past week, we have seen a steady increase regardless of what the news says.
This makes one wonder if we have seen the bottom of mortgage rates for a while.
Last week, you could find 30 year mortgage rates hovering around 5.875%, where today given the same pricing criteria, you might see rates more along the 6.375%. (This is not an advertisement of any rate or program; rather it is for illustrative purposes to explain the rise in mortgage rates lately.)
If you are on the fence waiting to see if rates will get better, get off the fence now! Mortgage rates in Charlotte may have seen the lowest rates we will see for some time to come.
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