Mortgage interest rates decrease when demand for treasuries is high, which decreases the yield. Since they’re dollar denominated, and the dollar has been tanking, demand for treasuries from outside the US should no longer be all that strong, although it has been for several years, helping to fuel the low rate environment, for better or worse. So, I wouldn’t look for a return to those incredibly low rates any time soon. Actually, I’m somewhat surprised that 30 year conventional is still hovering in the high 5% range, for people with good credit and a decent down payment. That’s cheap, historically speaking. Underwriting standards have been tightened too, and with good reason, so the pool of potential buyers or refinances has shrunk.
If you need to buy a house, this is the best time to do so in more than 2 years, rate-wise.
The "demand" has gone down...decreasing the price...
Yeah, I bought a house in July, at 6.75 percent (the top, of course). I’m already thinking about a re-fi...with a CR of 840, I expect better rates.