The Fed meetings in March were good for mortgage interest rates. The markets have been anticipating a Fed interest rate hike some time later this year but Fed chairman Janet Yellen indicated that the economy was still more sluggish than she would like, which led observers to believe that a Fed rate hike might be later than expected. The immediate market response to Yellen’s comments was a drop in bond yields, which led to a correlating drop in mortgage interest rates.
There is no telling how long these low interest rates will last so if you have considered looking into refinancing to a lower mortgage rate contact us in the form in the sidebar. If you are looking into purchasing a home, fill in the contact form here. There are several government mortgage programs that are worth investigating.