US mortgage rates have fallen below 5% for a thirty-year mortgage in the wake of the latest Fed/Treasury program. Treasury yields are sliding as well, one factor working against the buck today. The 10-year Treasury note is down to a 3.08% yield. Last week we briefly dipped below 3.0% before rebounding.
Lower mortgage rates are a powerful boost for the solvent consumer. They can refinance existing mortgages while those on the sidelines of the real-state market will find housing more affordable.
EUR/USD is drifting back up after a dip to 1.2970. We trade now at 1.30.