Feds, don't forget Ginnie, the other GSE

Mortgage rates are falling, almost 6.5 percent with the lowest fees. All other interest rates are headed down as well, on a glide path parallel to the global economy: the 10-year T-note to 3.83 percent (traded 4.1 percent only a week ago), and the 2-year down to 2.37 percent acknowledges zero probability of a Fed rate hike from its current 2 percent overnight rate.

Domestic data are sliding at shallow slope, but the stuff from overseas is dramatic.

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