Mortgage Rates Still Operating Near 4-Year Highs
May 11, 2018
Mortgage rates hit the highest levels in more than 4 years on Wednesday, depending on the lender. In any event, they’re close, and they’ve been close for 3 straight weeks. They also haven’t done much to try to make a move, for better or worse.
The lack of inspiration hasn’t been due to a lack of available information. Plenty of economic reports and other events that typically move rates have come down the pike. Rather, there’s a bit of stalemate between ideologies in the markets that underlie rates. One side thinks rates have done enough to account for future moves by the Fed and the economy. The other thinks we’re definitely heading higher.
Only time will tell, but historically, it’s much safer to cast your lot in with the pessimistic crowd when it comes to making decisions regarding how quickly to move a loan through the process and when to lock your rate.
–Matt Graham, Mortgage News Daily