No comfort in new economic data

Long-term rates are behaving very well, despite all the inflation and dollar grumbling in the background (that talk has been wrong and is still wrong). Low-fee mortgage rates are very close to crossing into the high fours.

In an unexplained oddity, the retail mortgage spread to the 3.45 percent 10-year Treasury note is the tightest since The Crunch began in 2007. Theoretically, as the Fed reduces its purchases of mortgage-backed securities, mortgage rates should begin to float away from the 10-year.

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