Rates Starting to Look Paralyzed; Millennial Homeownership Improves; Why Aren’t Builders Building?
Mortgage rates were generally flat today, despite improvements in underlying bond markets. Although several lenders did offer price improvements throughout the course of the day, the improvements were generally "token" in nature and did little to alter the sense of paralysis in the bigger picture. This is the third straight day with essentially no change. Uncertainty, fear, a lack of inspiration, or some combination of the three all have the ability to paralyze rates from time to time. Uncertainty is leading the charge at the moment. On the one hand, we have global central banks chomping at the bit to drain the proverbial punch bowl (buying fewer bonds and raising rates). On the other hand, those central banks admit they can't be too aggressive without justification from rising inflation, and
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