Mortgage Rates Move In A Direction We Are Not Used To
It finally happened, mortgage rates went up. We have seen years of exceptionally low mortgage rates aimed at keeping consumer demand for housing strong as our market moved up and down like a proverbial roller coaster. Finally, for the first time in a long time, the banks have raised their rates.
Why you ask?
Bond yields which control longer term fixed rates are up 0.40% since May. Many things affect mortgage rates but the single biggest item...