Mortgage rates edged higher this week, with the 30-year fixed rising to its third-lowest rate ever in the 25-year history of Bankrate's weekly survey.
Yeah, that sounds kinda strange. In the previous two weeks, we recorded the lowest rates on the 30-year fixed in the company's quarter-century history. This week, the mortgage rate went up, but only to the third-lowest level ever. As I noted in the mortgage analysis, hardly anyone is getting a loan anyway.
In this week's Rate Trend Index, a majority of voters say rates will remain relatively unchanged (plus or minus 2 basis points) a week from now. I say they'll rise.
On the Rate Trend Index, I have been wrong seven weeks in a row. Last week, I said rates would fall. They rose. The last time I guessed right was May 19. I've been correct 18 times in the last 52 weeks, for a .346 batting average.