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Rates Head Back Toward Long Term Lows; Housing Starts Fall; Refi Applications Rise

Rates Head Back Toward Long Term Lows; Housing Starts Fall; Refi Applications Rise

Mortgage rates fell today , bringing them back in line with the lowest levels in more than 2 months and very near the best levels since late April 2015. The surprisingly strong performance so far in 2016 is primarily due to a much weaker performance in risk assets like stocks and oil prices. As investors sell stocks and oil, they are buying safer-haven assets like Treasuries and mortgage-backed-securities (MBS), which have much less price volatility than stocks. When investor demand increases for MBS, mortgage rates fall. The average lender is easily back into the "high 3's" when it comes to conventional 30yr fixed quotes for top tier scenarios. The only question is whether that means 3.75% or 3.875%. With today's improvements, quite a few lenders moved back down to to 3.75%. They don't necessarily
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