Mortgage bond yields fell a little bit this morning, then recovered. Bond yields influence mortgage rates. As I write this, mortgage bond yields are back to where they were Friday afternoon -- very low.
I track Freddie Mac's required net yields. Typically, you can add about half a percentage point to the Freddie RNY and that's a good indication of what the prevailing mortgage rate is on the 30-year fixed. Freddie's 30-day RNY is 4.4 percent right now, which implies a mortgage rate of around 4.9 percent. Yesterday the 30-day RNY was 4.45 percent.
The numbers indicate that this is a solid time to lock a mortgage rate. If refinancing, consider getting a 15-year fixed.