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Several weeks back, at the start of the New Year, we shared about how long-term mortgage rates had gone down. This was a surprise to most given the Fed’s recent activity of increasing the Fed’s interest rate. Well, it seems long-term mortgage rates are finally heading the other way. Towards the end of January, the 30-year fixed rate rose to 4.04% - the first time the rate has been above 4% since June 2017, as reported in the Washington Post. Though according to experts on the matter (see article), there was no consensus on where the rate may track, it has since risen even further. Lock in the rate now, and you’ll be looking at 4.5% (with bank fees attached). Whereas at the time of the article, many experts (47%) didn’t see this activity becoming a trend and instead believed rates would stay stable in the near future, 33% believed rates would continue to rise and 20% expected them to reverse course and fall. That just goes to show, you can’t always go with the crowd.


As stated in the article, the 10 year Treasury note, the changes to which long-term mortgage rates closely respond, has gone down in price and higher in yield since President Trump signed the tax overhaul into law. Generally, the more optimistic the view of the U.S. economy and yield on other investments, the lower the price and higher the yield of the Treasury note.


Where do you fall on the rates question? Your answer may determine your housing and finance activity in the next few months. If you’ve held off but are now interested in refinancing, I can connect you with the right people. If you’re thinking the time’s right to ditch your rental, I’d be thrilled to help you out. Please email or call (952-258-3100) when you’re ready.

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