Mortgages are stuck in a happy place, near 6.5 percent for the low-fee deals, the 10-year T-note’s decline to 4.79 percent not enough to move the mortgage market.

At the moment, this whole six-week decline in rates rests on the assumption that the housing market is in a progressive collapse that will soon take the whole economy with it. The bond-betting housing bubblers have one big risk: the only bubble may be in the froth on their own Kool-Aid.

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