first, my prediction and it is good news for borrowers. this is a new plateau. this drop will be her for awhile.
today i was pricing a 15 year VA purchase loan that allowed the rate to be brought down to 2.25%. The last time these numbers were seem was somewhere in the depths of the great recession (i guess that's the name we are stuck with).
and why are we here? uncertainty. you can read the details of the fed and the trade war until your head spins but the bottom line is that when all is in doubt, buy the treasury bills and bonds pus the mortgage-backed securities of the usa.
so get in if it makes sense now. this is the beginning of the wave. it is august, the lenders and appraisers aren't way over capacity yet.
i'll give you another prediction.
I will be able at some point in this cycle see an interest rate in the 1's. book it. we are only .375% in rate away.