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Mortgage Rates have dropped Again

January 14th, 2015 by [shareaholic app="share_buttons" id="27157108"]

The World Bank cut its global growth forecast, oil and other commodities are under more pressure, earnings season is off to a mixed start and this morning, U.S. retail sales were a huge disappointment.

The yield on the 10-year note was at 1.85 percent today. Earlier this morning it touched 1.784 percent—its lowest level since May 2013 (nearly 20 months).  Treasuries yields are at level’s that four month’s ago economist’s did not expected to be at right when QE was finished by the Federal Reserve. This is a big change from where they were last year in January. With oil at $45 per barrel, copper being very low prices and low demand, economic data out of China is showing a contraction in China, which pushes demand for oil even lower and goods being manufactured out of China lower. The Federal Reserve is showing lower levels of inflation and concerns for deflation. This is all bad for the global economy and good for treasuries. The end result, this is great news for interest rates.

When interest rates go down, it stimulates business activity. Thinking of buying a house? This might be the time, now that housing will offer more affordable rates.

Additionally, low interest rates indicate less inflation. That’s a good thing, as inflation refers to the value of money. So, if there is low inflation, consumers have the confidence to purchase goods and services. Moreover, they’ll want to borrow funds because they know they will get their money’s worth.

If you have been complacent with your mortgage and have not refinanced, it’s time to cut down on the interest you are paying to someone else.

If you have not been able to refinance due to some extenuating circumstances in life, let us help you so you can refinance.

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Call Ben Gerritsen at: 801-747-9176

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