When the Obama Administration announced its $3.7 trillion budget request, the Treasury yields took a small dip. As mortgage rates are so closely tied in with long term Treasury Bonds the rates dipped as well.

Rates on a 30 year fixed rate mortgage fell this week to 5%, according to mortgage giant, Freddie Mac, dropping .05% in a weekly comparison. In November of last year the rates saw a 40 year record low when the rates hit 4.17%. Although these low rates have not done much to boost real estate sales, as the high unemployment rate is keeping potential homebuyers on the sidelines, the recent rise in the rates has become just one more obstacle to cross.

Since the mortgage rates are so closely tied in with the Treasury yields they can change significantly, even on a given day.