Mortgage rate direction?
Which direction is the biggest risk for mortgage rates right now?
If the entire system doesn't collapse, and the powers that be lose control of rates, Down or steady would appear to be the only paths possible for a long time yet. I half jokingly suggested to my banker today that mortgage rates might yet go negative, he didn't disagree.
Longer term, much higher rates seem to be inevitable, once reality returns, the risk just doesn't justify the reward at these rates. The trouble is, that argument has been valid for most of my career, but acting on it hasn't exactly been a good business move.
Chiforisin Daniel commented
While everyone's rates differ substantially from situation to situation, economic factors and government monetary policy affect the whole mortgage rate universe. Mortgage rates retreated this week, mainly as a result of the pandemic. The average rate on 30-year mortgages dipped to 3.26 percent from 3.28, can you believe it?! This constant uncertainty drives money to the safety of fixed-income securities and keeps mortgage rates low despite high inflation. I highly recommend calculating how much a mortgage would be worth at the moment and seeing if you can profit from it. The calculator from https://www.1stnwm.com is ideal for this.