The 10-year T-note fell this week all the way to 5.05 percent from its 5.26 percent top two weeks ago. Long-term mortgage rates have settled today near 6.75 percent.

The interest rate decline has had several contributors. In approximate order of importance: fear of default on widening classes of ill-advised debt has pushed money to high-quality paper; a “retracement” from the crest of a big move is normal; and gradually improving inflation data are tilting the Fed from a tight stance toward balanced.

Lastly, regarding an accelerating U.S. economy: wait a minute fellas.

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