Iraq and housing's impact on economy

Mortgage market commentary

We’re a day early because of a little local weather problem, but there’s nothing in a second 3-foot snowstorm in one week to compare with the trouble brewing in the bond market.

The 10-year T-note blew above 4.7 percent this morning on generally healthy economic data — that’s up from the 4.43 percent low three weeks ago, and will shortly put mortgages at 6.25 percent and at risk for a sustained move upward.