As Bloomberg notes, the average rate on a 30-year fixed mortgage dropped in the week ended Thursday to a six-month low of 3.95 percent, according to Freddie Mac data.

In the seven weeks after the election, borrowing costs increased by 75 basis points to 4.32 percent at the end of December, the highest since April 2014.

They've since managed to retreat 37 basis points - potentially good news for homebuyers and builders as the spring selling season continues to disappoint.

As MishTalk's Mike Shedlock reminds us: Lawrence Yun, NAR chief economist, says "Demand is easily outstripping supply in most of the country."

How long can Yun's silly argument go on?

There is not a supply shortage. Rather, there is a supply shortage of homes people can afford at which buyers are willing to sell. If homes were priced to sell, more homes would sell.