This has been a big week in U.S. markets, and a painful one for mortgages. Next week will be bigger, and the odds favor additional discomfort. Mortgages are decisively out of the 6-6.125 percent range; now 6.25 percent, threatening 6.5 percent as early as next Friday.

The headlines in the last 48 hours have been a maximum-volume garble, guaranteed to confuse clients.

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