The average rate on the 30-year fixed mortgage is falling again today, as investors rush into the bond market. Mortgage rates loosely follow the yield on the 10-year Treasury.
"This is happening due to big picture reassessments of global economic growth, or lack thereof," said Matthew Graham, chief operating officer at Mortgage News Daily."If the fears are validated, today's rates will be near the top of the range for quite a while--months at least, but possibly years." Mortgage rates were lower in 2016 and 2017, which may have caused the huge surge in home values during those years. Buyers could afford to pay more with interest rates in the 3.5 percent range. The supply of homes for sale was also incredibly low, prompting more bidding wars.
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