Rising Rates Get Cancelled

Remember when interest rates hit a recent low of about 3.29% a few weeks ago? Well, lots has happened since then. With that drop came a rush of homeowners wanted to refinance their existing homes. Lenders got so overwhelmed that they controlled the sudden influx of refinances by shooting rates back up, and it's been a rollercoaster ride for rates ever since. 

The Fed then announced that it would buy back $500 billion in U.S. Treasury bonds and $200 billion in government mortgage-backed securities. I know--what does that even mean?? In layman's terms, this move should help stabilize rates and keep them low. They're already back to 3.5% as of this week!