As mortgage rates continue to decline to new record lows, prospective home buyers are facing a frustrating situation: Cheap financing is everywhere, but there’s seldom a home to buy.
Concerns about the state of unemployment nationwide and lawmakers’ delays in approving a new stimulus package pushed rates lower. The yield on the 10-year Treasury note flirted with record lows this week. Because mortgage rates are long term rates, they have historically moved roughly in line with the direction of the 10-year Treasury.
“ ‘Tighter lending standards and low inventory will squeeze housing activity and we will see a substantial slow down in sales in the second half of this year.’ ”
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