Freddie Mac on Thursday announced a new six-month low for mortgages, 5.64 percent plus .7 percent fee, and the news was true when Freddie took its survey early this week. The world has since moved on. A modest decline in oil prices on Wednesday caused the 10-year T-note to depart the 3.98-3.99 percent range for a test of the 4.11 percent recent top, but everything has settled down today. Oil is $51/bbl, the Dow is stuck at ten grand, and the 10-year is 4.05 percent, which is holding mortgages near 5.75 percent – all while the world waits for several shoes to drop. First among the footwear: that election thing. Contrary to widespread opinion, I bet we will know the winner within a half-hour after the California polls close and the networks release exit polling from eastern and centr...
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