The index for the S&P 500 is currently trading at 1,845.99, down 1.7% for the day and back to even for the year, having dropped 9 percent over the past four weeks as worries about an economic slowdown in Asia and Europe – and a strengthening dollar – grow.

Between a flight to safety and speculation that the weakness will force the Federal Reserve to push back any potential increase in rates to late 2015 at the earliest, the yield on the 10-year treasury is currently trading down 18 basis points (0.18 percentage points) which should cause fixed mortgage rates to drop their lowest levels in over a year.

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