Mortgage rates move lower

Mortgage rates have moved lower as reflected in Freddie Mac’s Prime Market Survey released this morning.
From Freddie Mac: “Mortgage rates decreased this week following the dip in U.S. Treasury yields. While mortgage rates tend to follow Treasury yields closely, other factors can be impactful such as the labor markets, which are continuing to improve per last week’s jobs report,” said Sam Khater, Freddie Mac’s Chief Economist. “We expect economic growth to gradually drive interest rates higher, but homebuyers and refinance borrowers still have an opportunity to take advantage of 30-year rates that are expected to continue to hover around three percent.”

It’s important to remember that the survey is based on an average from applications last week – so the rates posted here are a basically a week old. The The survey is most useful for showing how rates are trending as it shows where rates have been vs. where mortgage rates are now.

For a more “fresh perspective” on current mortgage rates, I like to rely on watching the trends with mortgage backed securities (bonds) which mortgage rates are based on. Basically, the higher the green stick moves, the lower mortgage rates “should” be.

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