Rates up again. The 10-year T-note on Friday was 4.6 percent, up .25 percent in two weeks, the driver behind the rise in mortgages from just above 6 percent to just above 6.25 percent.

The driver behind the 10-year is a matter of debate and some mystery.

All through this sharp rise in long-term rates — now on a par with the post-2001 highs — the bond market has behaved worse than the economic data would indicate.

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