Freddie Mac reported on Wednesday that 30-fixed mortgages have dropped to the lowest level since early 2013, “3.625 percent plus .5 points.”But rates are really lower than that: a good loan can be had at 3.625 percent without the fractional point and probably a credit versus closing costs. Some cut-rate vendor might touch 3.50 percent (as of Thursday, February 11).Freddie uses a Jurassic Park survey method, asking lenders early each week and reporting findings on Thursdays, although mortgage rates change every day in real time, often during the day. By the time Freddie reports, the dinosaur has passed to the great beyond.[graphiq id="7ZRO7UmsmPP" title="30-Year Fixed Rate Mortgage Rates for the Past 6 Months" width="600" height="490" url="https://w.graphiq.com/w/7ZRO7Ums...
- We are almost at our all-time lowest mortgage rate.
- Sooner or later mortgages are going where the 10-year Treasury note goes -- and that's down.
- The emergency situations overseas which have conspired to cause this rate drop can calm down at any time, so this is the time for bird-in-hand.