Mortgage Rates Down

Mortgage rates descend, but won't make it easier to get a mortgage. Rates were down based on the markets' flight to Treasuries on Monday following the failed House vote on the $700 billion bailout, which sent the Dow down 777 points. However, don't expect an increase in mortgages in the near future. Bank credit is likely to seize up tighter until clarity returns. Markets and firms are looking for a path out of the woods--until that is obvious expect: -More market volatility -Investors to hold cash on the sidelines -Credit markets to tighten -Money to flow from equity markets to treasury instruments