Posted To: Mortgage Rate Watch
Mortgage rates were sideways to slightly lower today, keeping/bringing them in line with the lowest levels in roughly 2 weeks (depending on the lender). Interest rates in the broader bond market were slightly better off, with 10yr Treasury yields falling to the best levels since early February. While it hasn't always been the case (especially during the mortgage meltdown), the 10yr Treasury yield (the rate the US government pays on the money it borrows for 10 years) correlates with mortgage rate movement extremely well. Think of Treasuries like a person holding a leash, and think of mortgage rates like a reasonably well behaved dog on the other end of that leash. The dog may tug or lag behind, but he/she's generally not far from master's side. In the current case, the dog is lagging the master...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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