Long-term rates have continued a modest retreat from the December highs, 10-year Treasurys to 3.67 percent, mortgages sliding toward 5 percent.

Further improvement depends on Fed Reserve and Treasury policy regarding 1) their desire to get the Fed out of the MBS-buying business, 2) the embalmed state of Fannie and Freddie, 3) private markets closed to mortgages, and 4) the slowly collapsing theory that housing and the economy are in self-sustaining recovery. A financial-market accident somewhere would do the trick, too.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top