If the law of gravity is, "What goes up must come down", then the law of mortgage interest rates has to be, "What comes down must go up". No one can argue that rates have recently been the lowest we've seen for a long, long time. And we knew it wasn't going to last forever, but somehow we got lulled into a false sense of "low rate security". Even though the recent incline has been slight thus far, experts are suspecting rates will continue to rise. But no one is sure how long or how fast they'll go up.
Why the expectation of a rate increase? Because last Thursday was the last day since 2009 the Fed would be buying mortgage backed securities. If this is all "mortgage mumbo jumbo" to you, listen to this brief video from MSS to help you get a better understanding of why mortgage rates are so volatile.