Long-term interest rates have broken a narrow, monthlong range and are headed down. The 10-year Treasury note — the driver of the show — is now 2.23 percent. The lowest-fee mortgages are trying to cross below 4 percent, too.

This is a big move, reinforcing a downtrend. November jobs data due next Friday may cancel the whole thing, but I doubt it. I think the move is real. …