Mortgage Rates Plunge Again

For those frustrated by the extremely short window to refinance or lock in a low rate a couple of weeks ago, your chance is likely to come again in the next couple of days. Mortgage rates have plunged over the past 2 days as the fed program to buy up mortgage securities has commenced in earnest. Just today, the spread between the 10 year Treasury and 30 conventional mortgage shrank by 26 basis points (just greater than 1/4 of 1%). CNBC was reporting that 30 year conventional mortgage rates have moved from 5.1% at the end of last week to as low as 4.5% today. So, if you are looking for a rate lock, or refi, you may want to keep close tabs with your bank or broker.
Mortgage-Bond Yields Hit Lows on Speculation of More Fed Buying (Bloomberg)