Rates are Rising (but still crazy low)

From the WSJ this morning - just FYI the average 30 year fixed mortgage rate this time last year was roughly 3.4%.

“Rising mortgage rates could mean fewer potential buyers ahead of the spring selling season. Mortgage rates rose to 2.81% in the week ending on Feb. 18, the highest since the second week of November. One measure of mortgage applications fell by 11.4% over the same week. Economists say that rising rates sometimes spur borrowers to delay their mortgage plans by a few weeks, but the market could see fewer sales in the March-to-June period if the trend persists. Some 40% of annual home sales take place during that spring season in a typical year. Still, rates are at historic lows and more people are applying for mortgages than at this time last year.”