Yesterday, we discussed why rates are not actually at all-time lows. But rates are whatever they are. They're relation to previous lows doesn't really matter at the end of the day. Do you benefit from refinancing? Can you afford your new purchase payment? Great! Don't worry if the rate is technically not an all-time low. I'm just on a crusade for journalistic accuracy, shouting at my own little wall over here.
More important than the outright level of interest rates is the risk of volatility on the horizon. With everything the economy and financial markets have been through in 2020, the past few months have been surprisingly calm in the bigger picture--especially for the bond market (which has a direct bearing on mortgage rates). But there are several reasons we should be prepared for more volatility ahead.