Again Wall Street is bidding up Treasury prices, which makes their interest yield go down. This morning the yield on the 10-year note dropped to 3.36 percent -- a level it hadn't hit since 2003. Normally that's good news for borrowers. Mortgage lenders like to say that the 10-year sets the pace for mortgage rates. Not this time! With people dumping mortgage bonds like hot potatoes, mortgage rates haven't dropped as much. The 30-year fixed isn't much below 6 percent today. The last time the 10-year Treasury yield was this low, in 2003, 30-year mortgage rates were less than 5 percent. This is why Ben Bernanke and the Fed have their work cut out for them. The usual remedies aren't working.

 Yahool graph: