Mortgage rates have followed a trend all of 2009: They near somewhere between 4.625% and 4.875% and then jump to somewhere between 5.375% and 5.625%. If that trend continues, we're close to a trend reversal.
This is the price of the bond, mortgage rates will move in the opposite direction. Bond prices have been jumping this week, pushing rates lower. If we've learned nothing else this year, it's that rates tend to take steps lower and take elevators higher.
That said, Chicago interest rates are dropping again today. A look at the mortgage-backed securities graph shows that we're getting back towards uncharted territory.
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