Mortgage rates likely to fall, but not far

Slowdown reminiscent of 1993-95 economic cycle

Mortgage rates fell all week long, at mid-week on sinking housing data and a slower Fed survey, the final drop early this morning on news that second-quarter GDP slipped to 2.5 percent growth — that versus forecasts in the 3.5 percent range.

Thirty-year low-fee mortgages are approaching 6.5 percent after four months just under the 7 percent barrier, now following the 10-year T-note’s run below 5 percent today.

This slowdown looks real.