Fed cut expected on Halloween

Commentary: Renewed credit panic hits markets

All U.S. interest rates have broken lower. The mortgage-defining 10-year T-note is trading at 4.4 percent, down from 4.7 percent last week, but mortgages will be slow to follow. Even agency loans are stuck in credit fear, but are likely to approach 6 percent soon.

Fed-defining short-term rates have dived almost a half-percent, a sure sign of renewed credit panic.