After a mid-week pop-up in long-term rates, they are back down, mortgages again approaching 6 percent. The pop-up was a form of boredom: after three weeks near 4.35 percent, unable to move lower, the 10-year T-note wandered upward. The threat of breaking out of the top of a sub-4.5 percent range reversed today on three forces, in approximate order of importance: good inflation news, suspiciously weak-side economic data, and money moving to Treasurys for safety (Iran...). This morning's producer price data were terrific: the December core rate rose only .1 percent, year-over-year only 1.7 percent, and in a declining trend. There are some healthy data: new claims for unemployment insurance are holding low, the job market overall in its best shape since 2000. And, mortgage application...
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