On a daily basis, I get asked Where are rates going?
Rates are at their lowest point historically in 40 years. If you apply standard logic, rates are bound to go up. I’m not an expert but even the experts don’t really know. All day long on CNBC they talk about mortgage rates, some experts say they’re going up, some experts say they are staying the same. Confusing!
By far the best indicator for mortgage rates is the 10 year bond, as the bond prices go up, the bond’s yield drops, and then rates drop.
Check out smartmoney, they post the yeild for a 10 year bond on their main page. If it’s red, expect rates to go down, if it’s green, expect rates to rise. Keep in mind when rates go up they take the elevator, when rates go down, they take the stairs.
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