“This was the worst week for mortgage rates in 3 years – and it may be just the beginning”
Rates fell sharply on Wednesday and everyone breathed a sigh of relief and started locking like crazy.
But then rates shot up again yesterday and a friend of mine sent me this link to a short CNBC article with a title that I borrowed for the above subject line.
Here are the article’s key points:
- Rates are almost 3/8 higher today than where they were when they hit “bottom” on September 4th.
- The number of borrowers who could benefit from a refi fell from almost 12 million to 2 million.
- This week’s rate bump was the largest we’ve seen since the week after President’s Trump’s election.
- Some analysts think that our ten-month run of steadily lower rates may be over.
- When borrowers see rates falling many hold off on refinancing or even buying b/c think rates may fall even further.
- Nobody can time the market.
It is points #5 and #6 that are most important for purposes of this blog, and they are points I make all too often.
Rates could well fall again, but they are equally likely to shoot up again and nobody has a clue as to what will actually happen.
So, I am going to repeat Wednesday’s advice to every borrower: Get in while the gettin’ is good.
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