While record-low single-family mortgage rates continue to fall, refinancing activity remains "relatively shallow" in a historical context as economic data such as Friday morning's weak jobs report continue to reinforce the need for tight underwriting standards.
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"Employment growth and a broader economic recovery" will be necessary to "make things better," Mahesh Swaminathan, head of residential mortgage-backed securities strategy-fixed income research at Credit Suisse told listeners to the company's monthly strategy call Friday morning.
Housing is now "the cart, not the horse," he said.
