Just last month, rapidly rising interest rates caused great concern among homebuyers that the days of record-low interest rates are over.
However, recent political turmoil combined causing economic uncertainty in the markets and, in a trend that many did not predict last month, mortgage rates have been declining.
Mortgage rates fell for the third week in a row last week, with the 30-year fixed mortgage rate falling to 4.47%, according to a weekly survey by Bankrate.com. Meanwhile, the average 15-year mortgage rate plunged to 4.64% and adjustable rate mortgages also dropped to 3.41%, with the 7-year ARM rate being about 3.77%.
But homeowners have seen that interest rate trends are not set in stone and the quickly rising interest rates in the past…