Mortgages reached the mortgage-rate low for the week (and the year) immediately following the Fed's meeting on Tuesday. Since then, low-fee, 30-year rates have drifted up from 5.25 percent toward 5.5 percent. The Fed's post-meeting statement was slightly less optimistic than in January, and its repeated mention of "patient" intentions has pushed the threat of a rise in the 1 percent overnight cost of money out into 2005. The "carry trade" – borrowing short to buy long bonds – is dangerous, but the 2.75 percent spread between overnight and 10-year T-notes is lucrative, and the tether holding mortgage rates in the fives. I can't imagine mortgage rates going lower unless we get some news of a general economic slowdown – heresy to the talking heads on all the financial sho...
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