Fixed U.S. mortgage rates dropped for the fifth straight week amid increased volatility in world financial markets. The U.S. 10 Year Treasury yield has seen even a more dramatic decline, dropping from nearly 2.30% on 12/30/2015 to 1.69% today. That’s 61 basic points in just over 5 weeks. The last time the treasury bond market dropped so sharply was in 2012. Global markets and stocks have been rattled this year by signs of a global slowdown and substantial drops in the price of oil and commodities. Investors have sought the safe haven of U.S. Treasury’s, pushing down long-term U.S. rates.

Mortgage rates have fallen sharply despite the Federal Reserve’s recent decision to raise the short-term rate it controls for the first time since 2006.

As of today mortgage rates are approaching the best levels seen since April of 2013.

Homeowners are rushing to lock in rates to take advantage of the opportunity to save considerably money on their monthly payment. Many of them finding lower rates but also the opportunity to have all closing fees credited back by the lender. With the increased volatility in the markets interest rate could move back up and mortgage rates are known for moving up faster than they move down. Curious what rate you can qualify for? Contact Us Today, we can provide an estimate within minutes.
Beau Hodson

Beau Hodson

About the Author Since 2003, Beau has been a mortgage professional and is a leading mortgage broker and lender in San Diego. As Founder and Senior Mortgage Advisor at Transparent Mortgage, he is truly committed to serving the needs of his clients and raising industry standards for integrity and transparency.