The Fed, interest rates and housing

Mortgage commentary on latest market movements

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March employment data were just as strong as expected, consistent with a briskly expanding economy, and long-term interest rates moved up in anticipation of more hikes from the Federal Reserve. The 10-year T-note is up to 4.96 percent, and low-fee 6.5 percent mortgages are fading in the rearview mirror.

The slowdown in housing, widely expected to slow the overall economy, has yet to show the slightest sign of doing so.