'Bazooka Backstop' targets mortgage mess

Commentary: Proposed fix makes trouble for jumbo loans

Mortgage rates are still stuck near 6.75 percent, the financial markets confused and locked up until a blast of argument-resolving data arrives next Friday.

Oil down to $123 and natural gas to $9.25 helped stocks for a while, but they still fell apart on no-bottom housing news and a sinking job market. The economy is obviously weakening, but rates are held up by fear that inflation is the greater risk — even the stock market’s Thursday elevator-shaft could not hold down long-term rates.