What Controls Rates??
Before I tell you what my rate is, let's first explore what controls home mortgage rates. Home mortgage rates are controlled by the price of mortgage back securities or mortgage bonds. The daily fluctuation in the price of these bonds, creates daily mortgage rates. When more bonds are purchased, their price increases and the mortgage rates go down. When the bonds are sold the bond prices decrease and mortgage rates go up.
For an in depth look at the price of bonds over the past week, please click on the link below.
Click below to see how much federal money is going into our mortgage bond market.
Other Factors that Control Mortgage Rates: