As the Dow, S&P 500 and NASDAQ all experienced somewhat of a fallout this week, mortgage rates benefited. According to Freddie Mac’s weekly mortgage rate survey, the average rate for a 30 year conforming loan drifted to 4.04% from 4.08%. One year ago, the average rate was 4.15%, very nearlyDow recovers but rates fall this week where they are today.

The 15 year fixed rate also fell slightly to 3.20% from 3.24%. These rates are for a primary residence. For real estate investors, rates are about 0.25% higher.

Today, equities are making a comeback. After dropping more than 200 points yesterday on concerns of Greece and China’s situations, there has been some ground made up but the Dow is still well short of the 18000 mark. Both the Dow and S&P 500 fell into negative territory for the year. But hey, at least the lights are on today. As you’re aware, trading was halted at the NYSE due to a software problem. Apparently there was an upgrade overnight and things didn’t quite go right from the start. Trading was shut down on the exchange for about four hours, opening up again one hour before closing time.

China was on the verge of losing nearly half its gains but the government there imposed new restrictions typically as it relates to margin accounts. Traders were able to borrow funds to invest in an overheated stock market and many are saying margins are what drove the bubble as well as the bust. Other restrictions were put in place as well and so far it seemed to have stopped the freefall. We’ll see. It might be nothing more than a breather and there’s more rough sailing ahead. If that’s the case, don’t expect Wall Street to not feel its effects, either.