Mortgage rates have room to move lower

Commentary: Main thing holding rates above 3 percent is profiteering by big banks

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Financial markets are surprisingly stable, especially credit markets. Following the Fed’s September QE3 announcement of open-ended intent to buy mortgage-backed securities, the 10-year Treasury note was left to the mercy of markets.

Since then, 10-year Treasurys have not traded above 1.75 percent or below 1.5 percent. Meanwhile, 30-fixed mortgages have broken as low as 3.25 percent.