You Can’t Control Mortgage Rates, But You Can Control This
Mortgage rates have been volatile lately, there’s no doubt about it. And if you’re thinking about buying a home, that can make it harder to plan. But there are still things you can do to get the best rate possible in today’s market. It starts with having the right information.
Mortgage Rates Have Been Volatile Lately
Data from Mortgage News Daily shows the recent volatility. After trending down for well over a year, rates have been rising for the past few months (see graph below):
While it’s easy to be distracted (or even discouraged) by the changes, here’s what you need to try to remember. Rates are reacting to what’s happening in the world. Recent global uncertainty, tensions overseas, and inflation that hasn’t fully cooled are all weighing on rates.
Even oil plays a role. When oil prices climb, inflation usually follows, and that pushes mortgage rates higher. So, rates didn’t spike out of nowhere. But here’s what you really need to know.
When all of those factors finally calm down, rates should stabilize too. But it likely won’t happen overnight. These things take time. But while you can’t control what’s happening with rates, there are still things you can do to help you get the best rate possible in today’s market.
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