In a further continuing decline, albeit just a notch, of reported 30 year mortgage rates to 4.62 percent by Freddie Mac, the home mortgage loan market continues to show a bit of weakness in what is typically considered a slow seasonal time. So this slight rate decrease was not what one would call surprising. The bigger question is whether home buyers have used the last few weeks weakness to lock in mortgages for end of year home purchases.
Yesterday, the Federal Reserve did announce a quarter percent increase in its Fed Funds Rate, which is its short term borrowing benchmark. This did cause a slight increase on 10 year treasury yields which as of the time of this article being written stands at 7.765 percent, less than this time last week.
All in all, with the end of year fast approaching and only one more reporting week left for the 30 year mortgage rate, no substantial move is expected to be reported.
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