As you can see from the chart below, rates have been steadily getting better over the month of November. Remember that as yields increase, rates decrease. In fact, as of this morning we were on track to match the best rates of the year.
What a month November was for rates; and based on this first day of December, this month could be just the polar opposite. If you look closely, we may get lucky and find a short-term floor of support on the 10 day moving average. More likely, however, is to find that floor on the 30 day average.
And that spells a hike in mortgage rates that would not be much fun at all. Hang on tight, we may be in for another wild ride. Oh, and if you have been on the fence considering refinancing, then jump in and let’s do it, before it is no longer available.
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