11/15/2022
Bond Yields say drop, mortgages rate says how low?
Mortgage rates dropped from 7.22% to 6.62%. Inflation cooled during October which led to the annual rate of return on bonds falling with it. Mortgage rates tend to follow the trend of bonds which is why we saw a 60-point drop yesterday.
This is a breath of fresh air for many investors and a good sign for interest rates. Mortgage rates are expected to stay high through the new year but will continue leveling off. There is still a lot of uncertainty in the US and the global economy so you will have to watch closely.
(Housing Wire, CNBC)