Markets & Economy

Buyers won’t rush to beat rising mortgage rates

Commentary: Next week's economic reports could send rates either way

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Tough, strange week. On Tuesday the trading and investment world returned from golf and beaches with one thought in mind: Sell bonds. No new data, no new Fed talk, blow out the 10-year T-note's February-March 2.05 percent high to 2.15 percent on Tuesday, and 2.19 percent today. Mortgages are above 4 percent for the first time in more than a year, and for lower-down, middling-credit borrowers, 4.25 percent-plus. Enough to slow housing? No. Payments versus prices are still far into all-time-low territory. Will housing heat up as buyers race to beat rising rates? The media loves this concept. A reminder how foolish so much media "analysis." In a long working life I've never once met a "not-buying" client converted into "buying-now" because rates are rising. Years ago, most civilians didn't know there was a Fed. Today, nearly everyone contemplating the largest financial decision of a lifetime is aware of Fed policy and the current prospect of pulling back its assistance, ...