Beware undertones in Fed-speak

Commentary: FHA a scapegoat in 'moral treasure hunt'

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

Long-term rates are again approaching four-month lows, with 10-year T-notes just above the magic 3.28 percent level; break that and low-fee mortgages will cross just under 5 percent.

If that blessed moment should arrive, do not wait for lower or expect sub-5 percent to last more than a few hours: Surviving mortgage lenders will yell "Now!" to a few million boat-missing refinance candidates, and that renewed demand must be worked off before any deeper drop.