Mortgage Rates at 3.5 Percent, until Noon yesterday
As is often the case with financial markets, the biggest, quickest moves demand an occasional pause. The bounce prompted most lenders to revise rate sheets higher in the afternoon.
Still, it's a good wake-up call as to the potentially temporary nature of the long-term lows we have been enjoying. Markets run hard. Sometimes they can surprise you as to how hard and how fast they change. And then at some point, the running is over, or worse: we run in the other direction.
There's no telling whether that's the case with yesterdays intraday bounce, but it's always a risk that can factor into one's decision-making process when it comes to locking or floating.
Call me for help with your purchase or refinance mortgage questions.