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Real Estate Chart of the Day
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If we study the long-term mortgage rate pattern dating back to late-2008, we observe that mortgage rates have bounced within in a tight range for nearly 8 months, only breaking the upper and lower boundaries for brief moments in time. Conforming mortgage rates appear to be "stuck" near 5.250 percent with 0 points.
Even as homebuilders predict pain in 2009 and carry confidence readings in the single-digits, they still expect a rosy 2010, it seems. With current new home inventory at 11-plus months, this is a strange way of thinking. Especially as the growing number of foreclosures dilutes home supply in the nation's largest markets.
