And this week, they are down.
Mortgage rates, that is. The one week up, two weeks down, two weeks up pattern continues as the markets try to outguess where the Federal Reserve is going with rates, fewer people apply for mortgages, and housing sales in some parts of the country also slide.
This is a holding pattern design to signal the markets not to panic. Aggressive moves in either direction would signal panic. Begin cutting rates and the market would perceive that the you are trying to jumpstart the housing sector again. Raising rates would also be equally problematic. So expect the continued pattern of up/down.
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