Looking Back at Mortgage Rates of 2015
Looking back at the last year, we can see that 2015 was an interesting year for the mortgage market. Going into the year, nearly everybody was expecting a move towards higher rates. However, Europe’s new bond buying program and various other factors made conditions right to instead see strong, long-lasting moves downward. Later on, the market saw some more turbulent moves in anticipation of the Fed’s rate hike.
The final word is that, on average, 2015 was a stronger year for mortgage rates than 2014. However, compared to 2014, 2015 saw more of an upward trend. Part of this can be attributed to the fact that 2014 ended on the very lowest rates of the year, while 2015 ended on rates that were close to the year’s highest.
We can likely expect rates to continue to rise for a while until the economy starts to show signs of stagnating. This could very well take months, or even years. Fortunately, any upward movements should be less dramatic than they have historically been.
