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Mortgage Rates
Mortgage Rate TrendsMortgage rates are largely determined by the yield on the 10-year Treasury note. Last June, when the 10-year note was 4.69%, the average 30-year mortgage rate was 6.25%. Due to very low inflation, it is expected that the FED will keep rates untouched. In spite of this, the 10-year yield has fallen to 3.88 recently, which should result in mortgage decreases too. Fed officials believe that the economy hasn't felt yet the full effects of 17 straight rate increases in two years. They were trying to cool off the housing sector, and they seem to have succeeded: Prices are down slightly, and house construction has fallen a bit. Yields are relatively low throughout the industrial world in large part because the central banks cut their short-term rates in response to the 2001 recession and have held them relatively low since then. Also inflation has been extremely low in recent years, which should keep mortgage rates low in the near future. Search Local Mortgage Rates in Your AreaMortgage Rates in US
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