The current uncertainty of corporate governance caused huge transfers of money into more stable and safer assets. Large money managers shifted their investments into bonds, thereby lowering their yields and allowing mortgage rates to follow.
More Quotes from Frank Nothaft:Housing start figures in January came in at the highest level in over three decades, due in part to the combination of low rates and a warmer climate across the country.
Stronger than expected gains in the manufacturing and service industries - coupled with higher labor costs - ignited inflation concerns, which led to the rise in mortgage rates this week.
Mortgage rates have been under 7 percent for the past eight weeks. During that time, mortgage applications for home purchases have continued to reach historically high levels, keeping home sales moving at a vibrant pace.
Mortgage rates continued to set records. Interest rates remain the lowest in Freddie Mac history indeed, they are the lowest we have seen since 1967.
Meanwhile, home construction remains strong and home sales continue to break records easily. In fact, total home sales should end the year two percent higher than 2003's all time record level.
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