Oil, retail sales add grease to housing

Mortgage market commentary

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After a one-week pause, the rise in long-term rates that began over the holidays has resumed and is likely to continue. Mortgages are departing 6.125 percent for 6.25 percent, taken by the 10-year T-note’s easy cruise through support levels to 4.77 percent.

The cause: nothing fancy, nothing to do with Iraq, just good economic news and a little grease from $51/barrel oil.