Mortgage rates hit lowest percentage since first week in December

  • If long-term rates drop further, it could take lowest-fee mortgages back into the threes.
  • The big spike in U.S. yields in the week after election, from 1.78 percent to 2.30 percent, was in anticipation of substantial economic stimulus from the new administration.
  • So far, not much action on that stimulus has been seen.

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Long-term rates have broken down this week (versus unanimous expectations for going up), now the lowest since the first week of December — and if they fall another inch might drop another quarter-percent or more, taking lowest-fee mortgages back into the threes.