Stocks are down sharply from the first of the year on consistently bad national economic news. KB Home posted a large loss for its 4th Quarter. Next up, almost certainly, is another drop in interest rates to start 'cooking' the economy. (What politician wants to enter an election cycle during an economic downturn, to say nothing of a recession??)
So, no surprise that the market anticipates that event. According to FANNIE MAE, mortgage rates have reached their lowest point since 2005. As of Jan. 7th the average for a fixed-rate 30-year loan was 5.7%.
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