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Mortgage Rate Update 3/16/2012

Interest rates have been at all time lows for 8 months but are currently testing the high end of the range.  In August of 2010 the market fell apart driving  interest rates down to all time lows.  Since then rates have consistently bounced between 1.8% and 2.1% on the 10 yr treasury with one move in late October to 2.4%.  Rates started the week at at 2% and in one week broke through resistance at 2.1% moving all the way up to 2.3%.  A break above this area of resistance opens the bond market up to trading back into the range we saw from December of 2008 until August of last year.   In that higher range the low end on a 30 yr mortgage centered around the high 4% range versus our current range where the low end has been in the high 3% range on a 30 yr fixed.   Check out the chart below that I use to keep a tab on where interest rates are, where they have been and to get an idea of where they are going.