After sinking to all time lows in February of this year mortgage interest rates slowly moved higher throughout the month of March. But a recent batch of bad economic news sent the stock market tumbling has helped mortgage interest rates to move lower again as well. As we have noted here in the past, mortgage interest rates tend to track the yields on the 10-year treasury note and when investors are fleeing stocks they often purchase more 10-yr T-Notes which in turn lowers the yield on those bonds. The current dip in mortgage interest rates is most likely associated with the less than stellar jobs report that came out last week as well as renewed debt crisis worries in Europe. Rates may not hit new record lows again but they are getting nearer to those record lows again this month.
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