The mortgage industry is getting a handle on the Brave New World it is currently in, but it still seems a little unsure about which way it is headed due to two recent developments muddying housing and interest rate outlooks.

As Mortgage Bankers Association (MBA) chief economist Jay Brinkmann put it at the MBA's National Secondary Market Conference, "This has been a somewhat tough year to forecast." He cited as an example the benchmark 10-year Treasury yield's drop to levels not seen in some time near 3.1% on May 25.

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