There’s an old adage: Mortgage rates take the elevator on the way up, but take the stairs on the way down. Lately, we’ve even seen this IRL. There have been days where rate are up by as much as half-percent as investor flee from the bond market, but when rates recover lower, they seem to be dropping just an eighth of a percent at a time. Floating your mortgage rate is fine, but given the current market conditions, you may be playing with house money right now and this is as good a time as any to cash in your chips.
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Are Mortgages Rates Really Lower? It Depends On What Day You Lock.
