On Friday morning the yield on the 10-year Treasury fell to 2.06% compared to a record low set two weeks ago of 1.98%. The reason for Friday's rate tumble: a still ugly labor market. Meanwhile, application figures released this week by the Mortgage Bankers Association do not exactly paint the picture of a business on fire. Then again, an East Coast hurricane and recent earthquake might be one explanation for some of the drag. Yes, we've interviewed some lenders who say they're swamped – and are hiring loan officers. Others say business is up but not by all that much, which may lead some to ask: if a 4% 30-year FRM doesn't move applicants, then what will it take? A 30-year FRM at 2%? At some point, something has to give…
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