Housing is 'gorilla' in economic slowdown

Mortgage market commentary

Long-term interest rates and commodities are in the natural rebound upward following any straight-line decline.

The 10-year T-note is 4.64 percent (from 4.54 percent), taking mortgages a little above 6.25 percent (6.125 percent bottom), gold $605 (from $575), all in step with energy: oil $63 (from $59), and natural gas $5.45 (from $4.75). Only gasoline is still unwinding, and wholesale $1.48 might break two bucks at the pump after Halloween.

All of these markets are struggling to identify the slope of economic slowdown.