When mortgage rates first fell below five percent in 2009, we called it an emotional landmark, a level that, while not significantly different from the previous week or month, would send up a flag to borrowers that it was time to buy or at least to refinance.
And they did.
Now the 30-year fixed has fallen below four percent, and it all seems suddenly like white noise.
As mortgage rates fell last week, so too did mortgage applications, for both refinances and purchases. Lower rates usually spur refinances, but those actually fell the most, down 5.2 percent week-to-week, according to the Mortgage Bankers Association. Applications to purchase a home fell just 0.8 percent, but they are at historic lows as it is, down 12 percent from a year ago.