Mortgage rates are steady near the lowest they've been all year - is your production heading higher? Probably not, so why isn't mortgage production per agent picking up? Analysts point out that mortgage spreads have not done much, and even if Treasury rates drop, mortgage rates may not follow. On the other hand, many lenders believe that the majority of borrowers who can refinance already have done so, and that until appreciation or guideline loosening appear, things will be slow.

Every loan is a battle and borrowers appear to be in no hurry whatsoever. If your staff is busy, you are bucking the trend, and it seems companies have begun to cut profit margins. Mortgage traders continue to report low volumes being sold to them of about $1 billion a day. Although this is not good for the overall industry, it is good for mortgage prices relative to Treasury prices: the laws of supply and demand should help mortgage rates stay low relative to benchmark Treasuries.

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