Rate Bounce

    Rates hit near-historic lows this week and are now at 3.49% for a 30-year mortgage.

    There have only been two other times in history when rates have been this low- April 2013 and October 2016.

    It’s interesting to see what happened soon after bottoming out these last two times.

    In April of 2013 rates hit 3.41%. By August 2013 they had jumped to 4.40%.

    Rates bottomed again in October 2016 at 3.42%. Just two months later in December 2016 they were 4.32%.

    Each time the increase was nearly 1% within just a few months.

    So, if history proves itself as a guide, we can’t expect these rates to last for long.

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