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Interest rates go down slightly to near 2017 lows
Interest rates for buying a home on the Palos Verdes Peninsula eased this week . The following are excerpts from the newsletter on interest rates published by HSH Associates :
"Partly due to increasingly bellicose saber-rattling between the U.S. and North Korea, but also more than partly due to inflation that simply can't find a reliable toe hold, mortgage and other interest rates found new reasons to decline this week. With this as the backdrop, it seems likely that we'll set new 2017 lows for mortgage rates in the days ahead, possibly beating previous lows by a few basis points. This is remarkable, given that the Fed has raised the federal funds rate three times in the last eight months.
To be fair, the fed funds rate and mortgage rates don't have a whole lot to do with one another, but a central bank tightening policy is usually done to try to attenuate above-trend growth or inflation. In this instance, neither has been the case, so it has been just a not-so-routine removal of excess accommodation, a process of removing emergency-level supports that the economy simply doesn't need, with these moves having very little overall effect on economic or labor market growth to date.
Odds ... more

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