Interest Rates

Wow!  5 Yr Note Rates have been halved since April.  Looks like they need some sort of bounce, but that has been a losing proposition.

The only certainty is that rates can't get below zero, but a 50% haircut since April doesn't bode well for the economy going forward.  One obvious beneficiary is mortgage holders who flocked to the refi market recently.

The good news is that those refinancing are less likely to be putting their home on the market anytime soon.  Reducing the amount of potential "shadow" inventory will help the housing market recovery sooner.