When I moved to Colorado, I had to get used to checking my weather app daily. Back in Ohio, I knew that today's weather would probably be just like yesterday's, but, in Colorado, the "If you don't like the weather, just wait 5 minutes," claim was not an exaggeration.
These recent mortgage rate changes are feeling pretty similar to our state's weather! We now have to check rates every day if we want to accurately talk about them. Just today, the average 30-year fixed rate is 5.55% when last week it was 5.13% and last year it was 2.87% (based on 0.8 points average). As any homeowner knows, those small percentage points can really add up in a monthly payment!
All this being said, it is good to keep some perspective. While the current rates are…
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