Mortgage Rates hit their lowest in the last 6 weeks

Mortgage rates have slowly managed to edge their way down to the lowest they have been in the past 6 weeks. Over a time period, almost covering the last three financial quarters, this is the first time in which interest rates have dropped to such levels in a seemingly consistent trend. This means that a lot of lenders are now in a situation which has not been seen for such a while. Over the last 8 months at least, rates of interest have slowly but surely moved upwards in direction. There were a few dips in this ascent, but the fact of the matter is that these corrections would not last for a very long time and were often times followed by a huge upward swing of the rates afterwards. There were some exceptions witnessed to this in the months of September, and for a while even in October, but many experts agree on the fact that this can be attributed to the deadlock and then consequent shutting down of the United States Government.

In September, rates of interest had reached one of their long term peaks, but the improvement of bond markets over a couple of days due to the manner by which the Federal Govt. held off on tapering. We face a similar situation right now except for the fact that there isn't any government shutdown in the pipeline. There is a possibility of rates improving but till there is concrete supporting evidence on the matter, this situation could last a short while too.