Interest rates for home loans have been going crazy, especially this last week. The main driver behind the interest rate spike is the looming pullback that no one seems to know when exactly will happen.
This week’s big driving force was the release of minutes from the Federal Reserve’s meeting in July. Basically the minutes didn’t say anything that would make you believe the Fed would not start pulling out of the bond market in September.
With that fear, mortgage interest rates jumped up again, reminding us that what happened in May 2013, could happen many more times. Where rates sit now, they’re still very low historically speaking, and veterans can still take advantage of lower than average rates backed by the VA.
What all this tells us is that rates are on the up and up. Your chances of getting a home at today’s interest rates a month from now is slim.
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