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Rates Trickle to 1-Month Lows; Multifam a Drag on Construction; Prices Rising Too Fast

Rates Trickle to 1-Month Lows; Multifam a Drag on Construction; Prices Rising Too Fast

Mortgage rates continued lower today, matching the best levels in just over a month. Prospective borrowers are increasingly seeing conventional 30yr fixed quotes in the high 3% range on top tier scenarios, though 4.00% is still more prevalent overall. Consumer rates are dictated by movement in underlying bond markets. The first day of any given month can occasionally see bigger moves in bond markets as some of the biggest investors are able to make changes in their holdings that they weren't able to make until the previous month ended. It's as if July's "final answers" were locked in and now August marks the start of the next round of questions. On a simpler note, GM posted a sharp decline in auto sales this morning. This builds a case for economic weakness, leading more traders to seek safer
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