We may have seen the best of the best when it comes to mortgage rates. As the fed slowly turns off the life support, and the market starts standing on its own two feet again, it is likely that rates will do what is expected, and that is climb. For every action there is a reaction and the market has been artificially stopped from reacting to the real news and real data.
Banks are limiting the numbers of homes on the market to try and inflate values, the government is slowing then stopping their purchases, inflation is going to hit and when it does, rates have to move up.
I had a client tell me that his first home in the 1980's had a rate of 16%. It makes 6 and 7% seem tame doesn't it?
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