All roads lead to low rates

Flickr photo by sidewalk flying.

Today is a strange day in a strange time.

The Fed has begun gradually to withdraw support for the mortgage market, but mortgage rates are improving (back toward 5 percent) versus the 10-year Treasury.

The unemployment rate spiked to 10.2 percent, but "nonfarm payrolls" in October, net of prior-months' revisions, contracted far less than expected: only by 97,000 jobs.

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