Mortgage rates fell last week and that trend puts us in favorable territory this week. Rates fell last week reversing a rising trend over the prior two consecutive weeks. With lackluster corporate earnings, renewed credit concerns and rising oil prices investors are spooked about stocks. This makes bonds more favorable. Hence, the rise in bond prices and fall in yields (interest rate). Mortgage loans are benefiting from this flight to safety.
There are no significant economic reports coming out this week so the market should remain favorable towards mortgage interest rates.
Chart from Bankrate.Com
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