Luck refers to that which happens to a person beyond that person's control. This view incorporates phenomena that are chance happenings, a person's place of birth for example, but where there is no uncertainty involved, or where the uncertainty is irrelevant.
Average rates on 30-year fixed-rate mortgages have climbed in recent weeks by about a quarter-percentage point, from 3.75 percent to almost 4 percent â about a $600-a-year difference on a $350,000 mortgage. Several sources of data suggest that buyers are paying more attention to the threat of higher rates.
But eventually, it will need to end the practice. Since 41% of the Fedâs portfolio is in mortgage-backed securities, that could cause a bump up in mortgage rates when the course is reversed. By the end of 2017, expect the average 30-year fixed mortgage rate to rise to 4.6%, with 15-year fixed mortgage rates at 3.8%.