Lagging mortgage rates undermine Fed's fight

Monetary balancing act trickier than expected

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A coulda-been-worse inflation report Friday gave us a morning-only breather, rates rising again now, as they will continue to do.

Bonds and mortgages on Wednesday broke through crucial levels: the 10-year T-note through 4.42 percent to 4.49 percent (higher Friday), lowest-fee mortgages through 6 percent to 6.125 percent (a move which Freddie Mac’s survey won’t “discover” until later this week).