Mortgage rates are hot news right now, what with them hovering around all-time lows (yes- histoprically) yet again but beginning to inch higher.
And it seems everyone is interested to see if they can save a little money on their current mortgage payment via a refinance or get into a new home with a super low rate.
But while mortgage rates have been historically low years, they’ve also been extremely volatile as a result of all the government tinkering and the economy at large.
In the past month, interest rates have fluctuated between the low-to-mid 5% range and 6% or more. These major swings mean some buyers may be able to afford their dream home on Monday, but be priced out by Tuesday, at least until rates swing back down again. What’s behind these wild rate changes?