This week brought more news of declines in mortgage interest rates, according to releases from Freddie Mac.
One upside to the downturn in the U.S. stock market is a sharp drop in mortgage rates. Those rates follow the yield on the 10-year Treasury bond and on pricing in agency mortgage-backed securities; as investors rush to the comparative safety of the bond market, yields fall and so do rates. It's not a perfect correlation, however, since there are other factors weighing on today's lenders, such as new regulations. Interest Rate Declines Continue and one bank Lowers Credit Requirements for FHA #Home Loans, FICO minimum from 640 to 600.
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