So much, for this week anyway, for the mortgage refinancing boomlet. While rates had tumbled earlier in the week on the Fed’s 75-basis-point move, hitting as low as 5.0-5.1% on 30-year fixed conforming loans, over the last two days rates have jumped back up, touching 5.50% nationally.
Does that mark the end of the refinance boomlet? Not entirely, because rates on 30-year mortgages are still well below where they started the year, up at 5.80%, so some pressure has come off. But mortgage markets are sure telling the Fed they aren’t yet convinced rates are going to go down and stay down.