Mortgage Rates Jump Going Into Long Weekend
Mortgage rates jumped rapidly on Friday, with losses among the worst so far in the year. However, as young as the year is, the outright levels are only the fourth lowest in the past twelve months.
It’s no mystery why we’re experiencing such a dramatic upturn. After all, with the prodigious moves toward lower rates we have experienced in the past months, it’s only natural that we should experience a bounce-back. The question that is on many investors’ minds right now is whether this represents the start of a long-term trend, or if this is simply the product of the caution that is so often practiced heading into a three-day weekend, combined with the activity of stock and oil traders covering short positions.
If you failed to lock into rates before this reversal, don’t worry too much. It is entirely possible that rates will recover to their 2016 lows in the near future. However, considering the relative overall strength of mortgage rates, it’s not the worst thing in the world to lock in.
