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Lowest Mortgage Rates in April

Mortgage rates dropped today.   It wasn't a huge move, but they didn't have to go very far to get to the best levels of the month.  To be fair, many prospective borrowers are still seeing the same interest rate at the top of a loan quote that they would have seen any time in the past 2 weeks.  In those cases, it would simply be the upfront costs that moved down.

As for the motivation for the move, underlying bond markets had a good day thanks to an economically downbeat press conference from the European Central Bank (ECB) and weaker-than-expected inflation data in the US.  The ECB doesn't dictate rates in the US any more than the Fed directly controls mortgage rates.  But they do set policies that have a big impact on European bond markets which, in turn, have an impact on the US bond market.  And the US bond market definitely has a direct impact on mortgage rates. 

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