With the US Congress finally agreeing on a deal to avoid defaulting on US debts, demand for US bonds picked up again this week. As a result of that increased demand the yields on the 10 year T-note have been dropping and as usual mortgage interest rates are dropping as well. The upshot of it all is that rates on government-backed mortgages are very close to 50 year lows again this month.
But with so much uncertainty in the world economy right now there is no telling how long these low interest rates will be available. If you have considered refinancing your mortgage contact us in the sidebar this week to see if there are government-backed mortgage programs that could benefit your family.