While rates have moved a good quarter of a percent in the past few weeks, most analysts don't think they'll go much higher.
"Mortgage rates were too high anyway ,relative to the 10-year Treasury, so I don't think you will see a parallel shift," says FBR's Paul Miller, who spoke to several bankers today. They told him mortgage volume is good, which helps keep rates competitive. "But it does take time for this stuff to flow through the markets," he adds.
And then there could be one other phenomenon, as described by Freddie Mac's chief economist Frank Nothaft: "When rates tick up, you may see some potential home buyers who have been sitting on the sidelines, suddenly they may get up, as they are concerned that maybe this is the beginning of a trend, and they don't want to miss out on these 60-year low mortgage rates. In the near term it can encourage buyers."
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