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Putting two-and-two together, I'm telling you for the last time: If mortgage rates get too close to 7 percent, the Federal Reserve will likely to accelerate the pace of its bond buys and may increase its commitment to the markets, too. At least temporarily, this would drive mortgage rates down in a hurry.
Are mortgage rates going up? Are mortgage rates going down? Not so long ago, Wall Street-traded securities move on fundamentals -- the strength of the economy, the health of corporations, data like GDP and so on. It was a safe dance because traders almost always found somebody to take a counter-bet. Markets ebbed and flowed in an easy-going way with long-term trends taking months to develop. Lately, though, Wall Street's been binary in its trading pattern, it seems. Put the risk on the table with a move to equities, take the risk off the table with a move to bonds
