Could mortgage rates finally be rising? Here’s what you need to know

Mortgages climbed above 3.50 percent for the first time in two solid months on Friday. Not far -- but the 10-year T-note is also now trading 1.67 percent after two solid months between 1.50 percent and 1.60 percent. A staccato list of short thoughts on causes and consequences.... When do rates move? Rates move up on strong economic data, down on lousy news. Not this time: the two ISM (Institute of Supply Management) survey indices tanked in August. The manufacturing one fell below 50, dismissed as “just manufacturing.” But this week the service sector companion thumped to 51.4, 70 percent of the economy and the worst reading since 2010. This rate move is global. Both German and Japanese 10-year bonds are trading above zero! The most immediate cause of the rate pop: Late last week, both the European Central Bank and Bank of Japan in the last 24 hours have backed away from additional stimulus, and possibly from extensions of current bond-buying. Go back a lo...