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.
That means mortgage rates could actually come down even as the Fed is increasing short-term rates. Indeed, when the central bank began increasing rates in 2004, mortgage rates actually dropped over the next several months. But when it comes to financing a house, even small interest rate changes can add up.