In this article, HousingWire discusses the recent decline in mortgage rates as the economy is expected to slow down in the coming months. According to a gauge of mortgage activity based on data from Ellie Mae, the average rate for a 30-year fixed mortgage dropped to 4.71%, the lowest rate since November of 2016. This is a decrease of 0.07% from the previous week.

The decline in mortgage rates is attributed to concerns about a potential slowdown in the United States’ economy, which could affect the housing market. The yield on the 10-year Treasury note, a measure of economic health, decreased from 1.87% to 1.75%, the lowest in nearly a year. This decrease indicates that investor confidence in the economy is decreasing, as low yields typically signal a weak outlook for the future.

As a result of the projected economic slowdown, it is expected that mortgage rates will continue to decrease further. This has implications for people looking to buy or refinance a home, as they can now obtain a lower loan rate. However, economic experts warn that it is important to remain vigilant, as mortgage rates and the economy can be unpredictable.

Despite the likelihood of further declines in mortgage rates, the housing market is still faring well. Overall, low mortgage rates and a tight supply of homes continues to drive demand across the United States housing market. Now may be a great time to buy or refinance a home while interest rates are low, but being cautious and aware of economic trends is important as always.

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