Mortgage rates are at historic lows. We know that. But all the signs are starting to point to mortgage rates going in one direction. Up.
This is something we’ve known was going to happen for months. Mortgage rates couldn’t stay in the historical cellar forever. They had to rise eventually.
This week, mortgage rates have started their slow and steady climb and according to all reports, they show no sign of stopping.
Last week, we saw mortgage rates stop and take a breather on their climb up Rate Mountain. Well, this week, they stocked up on supplies, got their gear and rallied because, friends, those rates are climbing. In fact, the 30-year fixed is the highest it’s been since September, 2012.
Why are mortgage rates so low right now? How long will they stay low? Why do they rise? Quicken Loans Chief Economist Bob Walters answers these questions in a great video we can’t wait to share with you.