Current homebuyers are in for a bit of a treat as mortgage rates creep down following a slight drop in the 10-year Treasury Yield.
"Mortgage rates follow the path of the benchmark U.S. 10-year Treasury noteTMUBMUSD10Y, +0.76% , although they generally move more slowly," according to Andrea Riquier of MarketWatch.
"The 10-year is now hovering near its lowest point since early February."
While mortgage rates are down, home prices are still on the rise as we detailed in a few pieces last week. Home prices across the board have increased quite a bit especially on the West Coast.
With mortgage rates take a slight dip, home buyers may be able to find some relief when it comes to securing a mortgage for a new or existing-home.
"The 30-year fixed-rate mortgage averaged 4.44% during the week ending March 29, according to Freddie Mac’s weekly survey, out Thursday. The 15-year fixed-rate mortgage averaged 3.90%," according to Riquier's report.
"Both products declined one basis point during the week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage fell two basis points to average 3.68%."
To learn more about the recent drop in mortgage rates, click on the image above. Stay tuned for more updates as the market continues to fluctuate.