Bad Economic News is good for Mortgage Rates
The recent decline in overall mortgage rates has provided a new opportunity to people that were not able to refinance last year. The recent 30 year rate has hit the lowest point for the year 2011. The 15 year rate hit its lowest point in history.
Most of the changes are due in part to mostly negative economic news. Declining stock prices sent many investors to seek safe returns in the bond market. That type of market shift will typically cause a drop in mortgage rates.
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