Mortgage rates continue to build on improvement seen last week, with the bellwether 10-year bond yield now down below 4.9%. That’s the lowest yield we’ve seen in nearly two months, driven by a big October rally in bonds. Of course, that rally was at the cost of tech stocks, which got battered as investors performed a flight to safety out of risk and into boring, old (guaranteed to be paid) Treasuries. Interestingly, things could get even better for mortgage rates because there are still other levers that have yet to be pulled. That includes jobs data, which if weak could further lower mortgage rates, along with any progress on the Middle East conflict.
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