Mortgage rates started falling in late February and were expected to continue falling as the coronavirus continued to take hold across the country.
Instead, rates increased dramatically in March.
The Fed intends to step in and steady rates, which could provide more opportunities for homeowners to refinance in April.
“The Fed has shown that it will buy astonishing quantities of mortgage bonds to bring stability to mortgage rates. It seems like a safe bet that it will succeed. But this has been an unpredictable year. The sell-by date on predictions is short. For rate forecasters, humility is in high demand.”