The quick answer is that war is good for nothing, at least according to the 1969 Edwin Starr song. We won't argue that there are many “bads” associated with war and that the associated costs – both monetarily and in personal suffering – are very high.

But if the United States does go to war with (or simply strikes at) Syria, there is one upside – interest rates will very likely fall further. We say this because more investors will seek havens in U.S. Treasury notes and bonds and mortgage-backed securities. Demand for these securities will keep mortgage rates from rising, and will likely force them lower.

We're not saying we relish the thought of another military conflict, but it's important to deal in market reality. And the reality is that borrowers will likely see a reprieve in mortgage rates over the next week or two. But how long the reprieve lasts is anyone's guess. Therefore, we don't suggest waiting long to act.

Courtesy of Jessica Regan.

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