What's up with housing this week?

Mortgage market commentary

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In the financial panic underway now, frightened money is pouring into Treasurys, but for the first time in modern experience the overflow is only a modest benefit to mortgages. The 10-year Treasury note is all the way to 4.78 percent, down a half-percent in three weeks, but mortgages are stuck near 6.625 percent, just a hair off the June high.

This disconnect is the mark of credit suspicion extending all the way into Fannie/Freddie “A” paper — very much misplaced concern, says here.