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| Screenshot from Zillow, showing jump in mortgage rates over the past 7 days | |
Well, we all knew the day was coming. For several years now, mortgage rates have been at all-time historic lows. Fueled by the Federal Reserve's decision to keep the overnight fund rate at or near zero, buyers have had access to extremely cheap mortgage funds. However, it appears as those the days of record-low rates is rapidly coming to an end. Or, at the very least, shifting upwards towards where rates normally are.
Although the recent jump in rates is some reason for concern in a market still working to find it's footing, there is little reason to believe they will climb significantly higher. The Federal Reserve has already pledged to artificially keep rates low into the near future. However, only time will tell where the market goes from here.
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