Big doings this week. The tentative signs last week of a top in long-term mortgage rates this week turned into a brass band blaring the news. The 10-year T-note fell as low as 4.45 percent yesterday, down from the scary top just short of 4.7 percent only 10 business days ago. Yes, mortgage rates are supposed to follow the 10-year bond, but this time for technical reasons involving hedging of rate risk, fixed-rate mortgages are stuck just north of 6.25 percent. And, don't confuse a top with the prospects for a decline, the latter not being good. The change at hand is the shift from fear that the Federal Reserve Board would continue to raise the cost of money from its current 4 percent up to 5 percent or more, open-ended into 2006, to the belief that the Fed is very close to being done. Th...
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