Housing is 'wild card' for Fed

Mortgage market commentary

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Mortgage rates stabilized near 6.25 percent at the close of last week, with the 10-year T-note providing gravity in a range near 4.7 percent. The bond market has done a lot of intra-day bouncing, trying to find a level after a two-month, straight-line run-up in rates, then a downward correction, and then the Federal Reserve Chairman’s annual testimony to Congress.

Bouncing was a sensible thing to do.