It began last week. It was subtle--so subtle as to pass largely unnoticed. But the gentle drift toward slightly higher rates has taken bigger steps so far this week. As of this afternoon, the average lender is quoting the highest rates since late September! That's quite a realization when juxtaposed with last week's (misleading) headlines about "all-time lows."
If the highest rates in nearly a month sound scary, don't freak out just yet. During that time, rates have held inside one of their narrowest ranges ever. By the time we consider how low rates are in the bigger picture there's actually never been a comparable example of "this low for this long."