Long term mortgage interest rates are NOT based on the 10 year note
Sunday, August 21, 2011
Do you know what long term [tag]mortgage[/tag] [tag]interest rates[/tag] are based on? The only correct answer is Mortgage Backed Securities or Mortgage Bonds. They are NOT based on the 10-year Treasury Note, the stock market, or the prime rate. While the 10-year Treasury Note sometimes trends in the same direction as [tag]Mortgage Bonds[/tag], it is not unusual to see them move in completely opposite directions. Be sure that you are working with a lender who is tracking the correct index. Interest rates are still at historic lows (50 year low)!! It may be time to look at your refinance.
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