The Fed’s announcement of extraordinary intervention triggered ordinary responses in the markets: stocks had a nice moment; inflation mono-maniacs blew up gold and oil, and ran from the dollar; the 10-year Treasury note dropped from 2.95 percent to 2.52 percent in seconds; and briefly mortgages made it to 4.75 percent without fee.

All are reversing. The net mortgage gain: The plague of origination fees since December may give way, but rates are where they were, just under 5 percent, propped by unlimited demand.

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