Interest rates are a hair lower at week’s end, more in relief that another massive Treasury borrowing — $109 billion in term debt alone — came off without injuries.

However, long-term Treasury rates have been elevated since May, pushing mortgages to 5.5 percent, past the edge of refinance demand, and near the limit of buyer demand. The economy is living on government spending, in today’s report up 5.6 percent in the second quarter, but consumer spending falling faster than GDP, -1.2 percent vs. -1 percent.

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