One of the critical indicators for mortgage rates, the 10-Year Treasury Note, broke under 4% today. This is a support level, and may indicate rates are coming down. The Freddie Mac Primary Mortgage Market Survey showed the 30-year fixed mortgage rate at 6.73% today. Hopefully, this is a sign of further decreases to come. Seems that speculation the Fed maybe decreasing the Fed Funds rate next month has led to a buying of bonds thereby driving the yield under 4%. We’ll be tracking this and will keep you posted.

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