Fannie-Freddie deathwatch begins

Mortgage rates bottomed again at 6.5 percent, as they have since May, maintaining a consistently wide spread to the 10-year T-note, which bottomed at 3.8 percent. It will take a substantial negative economic event or news to break below these rates.

Economic data were thin. The July index of leading indicators fell hard, the outsize 0.7 percent drop entirely due to rising claims for unemployment benefits and a big slide in building permits.

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