Wow. The basics: mortgages were at 5.75 percent last week, Monday a holiday, Tuesday markets stunned by the Fed’s 0.75 percent cut; mortgages early Wednesday morning fell to 5.375 percent(!), wholesale rate-locking Web sites crashed in an hour, mortgages back up to 6 percent(!!) by Thursday noon. Citibank wholesale raised its rates nine separate times in 24 hours.
Summary: The economy — including housing — is probably better than feared, and we’ll all be OK. However, this was the worst week for economic public policy in my memory. We’ll survive it, too.