Mortgage Rates Are Falling to Extremely Low Levels - Quicken Loans Zing BlogGlobal economic concerns have caused people to flee the equities market searching for smaller bonds that guarantee returns. This drives yields, or the rates of return, down.

Why am I telling you this?

Mortgage rates correlate to the yield on the 10-year U.S. Treasury. The lower the yield, the lower the mortgage rate you can lock in.

Because of the activity in the global economy, Quicken Loans Director of Capital Markets Bill Banfield said mortgage consumers are experiencing a unique opportunity.

“Rates on 30-year mortgages are running about .75% lower than they were just a year ago,” he said. “This puts interest rates near a 20-month low, opening up the opportunity for refinancing, or even buying a new home, at a much more affordable payment.”

Even better yet, economic conditions in the U.S. are pretty good right now, so you might have more money in your pocket to spend on a home.

Right now, the 10-year Treasury is hitting levels we haven’t seen since April 2013, when the Federal Reserve triggered a big sell-off in the bond market. Rates are beginning to lower from the 4% range to the 3% range.

You can check out our current mortgage rates here.

If you’ve been thinking about buying a house or refinancing to get a lower rate, now’s the time. Nothing lasts forever, and eventually (like gas prices), mortgage rates will go back up.

Striking while the iron is hot could save you a ton of money in the long run. Take advantage while you can!

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