Mortgages traded up last week from too-good-to-be-true 5.5 percent to 5.75 percent, taken there by a surge in the 10-year T-note from just under 4 percent two weeks ago to 4.26 percent this morning.

The first leg of the rise was unmistakably Federal Reserve Chairman Alan Greenspan’s work; the second, Friday, from new data suggesting of inflation.

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