Mortgage rates inching back up -- what's it mean?

After a precipitous January drop, mortgage rates are now increasing once more
  • Mortgage rates stone-dropped in January from roughly 4.125 percent to 3.625 percent; he world is back just above 3.75 percent as of Monday.
  • None of that overseas trouble has resolved, nor will it, but markets adjusted and now are done with the panic part.
  • Here in the U.S., we are creeping back to where we were before January: an unprecedented divergence between us and the outside world, the U.S. doing far better.

I tell clients often: I’m much better at predicting the past than the future. Some of this rate warning is past tense, as the interest rate move upward began last Tuesday, but it did not affect mortgages until just this past weekend.