Plunging Mortgage Rates Won't Juice Housing

The one positive in all the uncertainty surrounding thenation's debt was a plunge in Treasury yields, which in turn sent mortgage rates to record lows.

The 30-year fixed hit a near-lowof 4.45 percent last week from 4.57 percent, and the 15 year made a new low of 3.52 percent, according to the Mortgage Bankers Association. Those low rates pushed refinance applications up 7.8 percent and purchase applications up 5.2 percent (both seasonally adjusted).

So are we housing geeks now jumping for joy? All good? Maybe not so much.

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