Credit starvation fallout

Commentary: Counting the (mortgage) seconds

Long-term Treasury rates rose under pressure from constant borrowing, but mortgages did well, holding at 5 percent with lowest fees. Versus the 10-year Treasury note at 3.7 percent, that’s the narrowest spread ever measured.

Retail sales for February this morning have been mis-described as a strong surprise; in reality, post-revisions, January and February were close to flat versus December.

Overall retail sales have risen 6 percent since the pit one year ago, but are still 6.5 percent below 2008. New unemployment claims are still elevated, running 462,000 last week.