Don't believe the good news in housing

Commentary: Central banks buy time amid political finger-tapping

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More positive U.S. data and relaxation of European frights have combined for higher interest rates and support for Wall Street’s warm-fuzzy machine.

One week ago, downgraded credit in Europe and another failure in Greek debt negotiations had taken the 10-year Treasury note to 1.85 percent and big-equity refinancings a hair below 4 percent. Today, nothing is resolved in Europe but nothing is falling, either, so 10-year Treasurys are back to 2.02 percent and even a 20 percent-down, low-fee mortgage is near 4.25 percent. Adios, refis.