The 10 Year Bond dropped to below 2.0 briefly today, a record! (so did my stock portfolio, but that another story…)
This is good news for the 30 year Mortgage. The rates are indirectly benchmarked off the 10 year bond, because the banks use this as a benchmark to buy and sell these notes between themselves.
Watch the 30 year mortgage rates tomorrow. This graph was just updated end of business 8/18/2011 by the St Louis Federal Reserve. We are seeing historical low rates.