Mortgages are close to 5.5 percent today for the lowest-fee deals – as low as at any time since March ’04. The ultimate driver, the 10-year-T-note, has stayed within a 4.16 percent-4.3 percent range for a month.

This stability in long-term rates – if anything tilting to the down side – is contrary to just about every forecast, whether published or talking-head.

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