Mortgage rates are low. But, according to this Wall Street Journal article, they should be lower. Like a half a percent lower. (subscription required).

While the yield on the 10-year U.S. Treasury note has been plummeting, mortgage rates haven’t fallen quite so fast.

After plumbing record lows earlier this week, the 10-year yield was around 1.41% on Thursday. The national average for a 30-year, fixed-rate conforming mortgage was 3.41%, according to the latest data from Freddie Mac out Thursday. The difference or spread between the two, at 2 percentage points, has risen in recent weeks and is at its widest since mid-2012.

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