How far down can mortgage rates go?

  • Watch the U.S. 10-year T-note (UST-10), not mortgages. The 10-year is the driver, mortgages always following.

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A boy once asked Abraham Lincoln how long a man’s legs should be, and Abe replied, “Long enough to reach the ground.” This past week, mortgage rates just set a new all-time low, about 3.25 percent (“about” because of the always indefinite mixtures of fees at a given rate found by survey). The prior low was not far above, but back in 2012.