Are you a little confused about what's going on with mortgage rates? It's like one minute you hear they're going down, and the next you read they're going up. No wonder you're left feeling unsure and asking, "What's the real deal?"

Sure thing! Basically, the bottom line is that what you read or hear will depend on the specific time frame being considered. I can share some details to help make things clearer for you.

Mortgage Rates Are Volatile by Nature

Mortgage rates don't just follow a simple path. They can be a bit all over the place due to various factors like how the economy is doing, what decisions the Federal Reserve makes, and plenty of other reasons. So, one day rates could be up, and the next they could be down—it all depends on what's happening in the economy and globally.

Have you seen the graph down below? It's based on information from Mortgage News Daily and it displays how the 30-year fixed mortgage rate has been changing since last October.

If you check out the graph, you'll notice plenty of ups and downs – some are more significant than others. And when you analyze data like this to make sense of things, the narrative can vary depending on the two specific points on the graph that you're comparing.

If you've only been keeping an eye on mortgage rates from the start of this month up to now, you might believe they are starting to climb again. However, if you consider the most recent data alongside the highest point back in October, you'll notice that rates have actually been decreasing. So, how should we interpret this?

The Big Picture

Mortgage rates tend to go up and down quite a bit, that's just their nature. So, don't stress out over the little ups and downs each day. Instead, if you want to grasp the long-term direction, step back and check out the larger perspective.

Absolutely! If you check out the peak rates back in October and compare them to where they stand today, you'll notice a significant decrease from last year. This is pretty important news if you're in the market for a home. Try not to get too caught up in minor fluctuations. According to experts, the general consensus is that the downward trend might just carry on throughout this year.

Bottom Line

Feel free to reach out if you've got any questions about what you're seeing or hearing about the housing market. Just give me a shout, and I'll be happy to help you out!