The national average mortgage rate fell below 4% for the first time ever.
According to Freddie Mac, the national average 30-year fixed mortgage rate fell to a record low 3.94%. This is down from last week’s 4.01%.
Mortgage rates have been falling along with the 30-year Treasury Bond yields, a benchmark for the 30-year mortgage. The 30-year Treasury Bond has probably been falling because of Operation Twist, or rather the anticipation of Operation Twist.
For some context:
Photo: St. Louis Federal Reserve