Too little equity, stagnant prices bring trouble

Mortgage market commentary

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Mortgages are nearing 6 percent for the first time since last Thanksgiving, pulled down by a general flight to high-quality assets (yes, U.S. agency-guaranteed “A” mortgage paper is still high quality). The 10-year T-note at 4.5 percent has again priced in a Fed easing by summer (wrong several times in ’06, might at last have it right).