If you are tracking mortgage interest rates here is a useful trick that could help. It is not widely known among the public, but mortgage interest rates tend to track to the yield on the 10-year treasury note. When the yield on the 10-year T-Note goes up mortgage interest rates tend to go up, and vice versa. So if you are wondering about mortgage interest rate trends a quick and easy way to gauge things is to look at the trends on the 10-year treasury notes. See here for an example of the last three months of that 10-year T-Note. Mortgage interest rates on 30 year fixed loans tend to be between 1.5% and 2.25% higher than the yield on this 10-year note. (Although that can vary depending on other market factors). Still in terms of macro trends on rates this is a useful tool.
As of this week yields on the 10-year note have been dropping for more than a month so interest rates have generally followed suit. That means now would be a great time to contact us in the sidebar to learn which government-backed mortgage programs might work for your family.