Mortgage rates are falling this morning, approaching the lows of the year; even the lowest-fee 30-year loans are down to 6 percent right now. The 10-year T-note's decisive break below 4.53 percent -- the floor since September -- to 4.41 percent this morning could easily pull mortgages into the high fives. The drop in rates began in an odd way over Thanksgiving, simultaneous with a decline in the value of the dollar versus the euro. Peculiar in three ways: American markets were holiday-quiet; there were no new economic data; and dollar declines often result in foreign sales of bonds and higher interest rates here. Then the pattern came clear: the currency market is betting on a rather harder than softer landing for the American economy versus European strength, Fed easing ahead, and those ...
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