Long-term Treasurys and mortgage rates at last broke out of a half-year-long trading range centered on 2 percent for the 10-year Treasury note, and 4 percent for mortgages. On the upward trend: 10-year Treasurys rose to 2.33 percent today, with lowest-fee mortgages pushing 4.25 percent. The verdict first, then the evidence: This move is not the start of a bigger one, and is likely to reverse. Silly things have pushed this rate run to extreme. The markets oohed and aahed at successful stress tests of 15 of 19 too-big-to-fail banks (the failure of four would crater our system, again); and "inflation knee-jerks" flipped at today's 0.4 percent February Consumer Price Index reading (the core at 0.1 percent is fine, with gas prices compressing other spending and prices). Ten...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.