Right now, we are in a decreasing interest rate environment. Is there somewhere you can look to determine if interest rates are going up or down?
We look to the interest rate on the US 10-year Treasury Note as a leading indicator for mortgage rates. As the 10-year rate goes up, mortgage rates tend to go up. Similarly, as the 10-year rate goes down, mortgage rates tend to go down.
The rate can change daily, or it can change within the day. We are made aware of impending rate changes by following the intraday trading of the 10-year Note.
If you would like to follow the US 10-year Treasury Note, click here: http://on.mktw.net/1JKlLJo
This site shows the trading of the Note intraday, and for longer periods of time to look at the trends.
So, if you are wondering if mortgage rates are going up or down, watch the 10-year Note.
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