Fed's call for stimulus may be too little, too late

Commentary: Credit losses appear to have bankrupted system

Markets have entered a panicky freefall, the common precursor to at least a temporary rebound. Mortgages reached 5.75 percent, approaching the 5.25 percent all-time lows of ’02-’04 from which rates vee’d up every time. Of course rates could go lower, even set a new record, but this is a bird-in-hand moment for refinancing.