Credit losses too large to recognize

Commentary: Mortgage rates stay low while everyone struggles through economic data

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Mortgage rates are about the same as they have been averaging: 6.25 percent for basic conforming loans.

All other markets are in frantic action, a perfect mirror of the struggle between two groups for accurate perception of the economy. One crowd is plugged into the global economy, technology and stock-market optimism; to them, business has never been better. The second crowd is the bond/bank bunch: we weren’t there at the time, but things look a lot like the run in to the 1930s.