Worries about the the worldwide economy in recent weeks have sent investors rushing to the safe haven of U.S. treasury bonds. That movement of money has sent yields on treasury bonds to the lowest they have been since June of 2013. Movement in mortgage interest rates tend to roughly mirror the movement of the 10-year T-Note, so as the yields on the T-Note have been dropping, so have mortgage interest rates.
It’s looking like this Fall will be the best time in a long time to refinance a mortgage. If you have a mortgage interest rate that you would like to lower, contact us in the sidebar right away before rates move higher again.
September wasn’t a stellar month for mortgage interest rates. Rallies in the stock market pushed bond yields higher and mortgage interest rates mirrored that upward trend for most of September. But since stock prices and bond yields peaked in late September, both have been falling quickly over the last week or so. Mortgage interest rates have been dropping over the last week as well. Numerous factors, including an Ebola virus scare in the U.S. have been driving the downward trend.
While stocks falling isn’t good news for everyone, it is good news for anyone looking into a mortgage. Mortgage interest rates have gotten significantly better this week. That means now is an excellent time to look into a government-backed refinance or home purchase program. Contact us in the sidebar for information on a refinance, or if you are considering buying a home fill in the contact form on our home purchase page.