The 10-year T-note broke below 4 percent for the first time since last fall, but could not hold; mortgages had a couple of days at 5.5 percent but are now back to 5.625 percent.

Nothing in economic data accounts for continuously low long-term rates. The stock market is a little shaky, earnings nervous-making, which helps, but claims for unemployment insurance have fallen to the lowest levels in five years.

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