The market remains focused on when the Fed will continue raising interest rates, a campaign it started in December 2015. However, economic data may be causing the Fed to re-think its rate trajectory.

One data series I’ve been keeping an eye on is the interest rate on the 30-year mortgage. Since the Fed increased rates late last year, mortgage rates have actually fallen by almost 40 basis points or 3/8 of a point. It seems these market rates don’t want to follow the Fed higher. To the contrary, these rates are heading in a downward direction, the same trend they’ve been in since the 80s. Whatever it is the Fed decides to do, what one can observe is that rates are historically low and one could use this as an opportunity to lock in low interest rates.