Mortgage Rate Update October 15, 2014

‘Rate Update’ on Wednesday?  Mortgage rates have moved sharply lower this morning so I felt compelled to get an update out ahead of tomorrow when I normally send one.

Interest rates are currently at their best levels in over 16 months.  Currently, the US 10-year treasury note is trading below 2.00% and mortgage rates have followed suit.


Why have rates moved lower?  A “flight-to-safety” on the part of investors reacting to worse than expected economic data is the primary reason.

Earlier today the Commerce Department released figures showing that retail sales fell by more than expected last month.  A separate report showed that manufacturing activity in the Empire Region (New York State) was much softer than economists had expected.

On this news US stocks are trading lower and interest rates have improved by ~.125%-.25% across the board.

Current Outlook: floating