Mortgage Rates Move Lower
After weeks of stagnant mortgage interest rates just above 7%, home buyers are getting a little relief today as rates dropped into the high six percentile.
The ten year Treasury Yield dropped -0.089 this morning to 4.424. Rates are determined by trading levels in the bond market and bonds can be influenced by a number of factors, including economic reports. Today’s data was weaker than expected in the services sector. When key economic metrics show less strength than expected, rates lower.
Mortgage News Daily reported:
“Bonds had already improved even before the data came out. Connecting the dots of causality on that additional movement requires a bit more speculation, but some would say it has to do with perceived economic headwinds associated with new fiscal policies. Conversely, others would say it’s due to the delayed timeline of implementation for those same policies.
Either way, the net effect is always measurable because we can always take inventory of multiple mortgage lenders’ rate offerings. In doing so today, we find the top tier conventional 30yr fixed rate back below 7% for the first time since December 17th, even if only be a mere 0.01%.”
AUTHOR
Skilled Realtor® Susan Isaacs is a 20+ year residential real estate and new construction veteran with expertise in buyer and seller representation, investor representation, new homes, relocation and exchanges.
Licensed in the District of Columbia and Virginia since 2008.
Susan Isaacs, Realtor®
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Disclaimer: This post is offered for informational purposes only and should not be construed as financial or legal advice. Home buyers and sellers must always perform their won due diligence and seek counsel from licensed professionals such as CPAs and attorneys when making choices relating to a real estate transaction. We do not endorse individual service providers and citations should not be considered endorsements.