So far in 2021, mortgage rates have been on an upward path. Recently released economic data was stronger than expected – so the rising trend continues. As a result of the improving economic conditions, long-term bond yields (including mortgage rates) have risen roughly 50 basis points this year. As the vaccine rollout continues alongside massive government stimulus, the outlook for economic activity is very promising. Unfortunately, this means that inflationary pressures could increase. The bottom line is that mortgage rates ended last week at their highest levels in months. While the interest rates may level out, we see this trend continuing and believe rates are more likely to go up than down.
That being said, rates are still amazing in the big picture. If you have not taken advantage of them yet, it would be wise to do it sooner than later. Feel free to reach out to Scott Bennett at 503-703-4699 or firstname.lastname@example.org to talk about your current situation.