The yield on the U.S. 10-year Treasury bond dipped below 2% for the first time since June 2013. For anyone that might have missed an opportunity to refinance over the last few years this could be the last trough in rates before the train leaves the station for good. As today, the average rate on a 15-year mortgage is hovering just above 3% and with today’s plunge in rates (a drop of about 5 1/2% on the 10-year rate as I type and that’s well off the lows earlier), we could very well see 15-year mortgages below 3% soon, barring any strong reversal in rates from here (30-year fixed mortgages are currently hovering around 4%).
$TNX weekly +15 year mortgage rates Oct 15th