Mortgage Rates Slide following Powell commentary: Get ready to refinance

[AJ Wong]

The 10-year US Treasury yield retreated on Tuesday, accelerating recent downward momentum. 

The yield on the 10-year Treasury slid almost 8 basis points (as of writing) hovering at 4.158% following remarks by Fed Chairman Powell on Monday that the central Bank will not wait until inflation has reached its target rate of 2% before cutting interest rates. 

Most traders are now pricing a 100% chance of rates being cut in or by September. This has reflected positively in mortgage rates with the average 30 year fixed hovering around 6.84% and down from nearer 7% just one week ago.