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It takes about four months for home loan originations to become securities - and summer originations were light, allowing the decreased Fed purchases during the fall to still help handle the flow of Mortgage Backed Securities coming to market at that time. But loan origination volume increased in late summer and early fall, due to lower home loan rates as well as the perceived expiration of the Home Buyer Tax Credit, which has since been extended. This increased volume of home loans are now securitized and hitting the markets, at a time when the Fed is buying less.

As with any item, when there is lots of supply - in this case, the increased volume of Mortgage Backed Securities - and diminishing demand - i.e. the Fed buying less and less - Economics 101 tells us that the price of that item will subsequently go down. And as Mortgage Backed Security or Mortgage Bond prices go down, home loan rates go up, which is what we saw happen throughout December. While rates were able to end last week at about the same place as they began the week, they did worsen about .50% from the beginning of December to the end.

But Jobs is also notoriously touchy and difficult to work with. He demands perfection and doesn’t really work well with others. And Jobs is distrustful of the press. Apple’s PR group is mostly there to not return calls.

We forgive him all that, of course. Because he’s changing the world, and forces competitors to do better just to try to keep up. The world, particularly the tech world, is a far more colorful place because of Jobs. There is no one at Apple who has the product vision to push that company forward once he steps down. He’s the Alexander the Great of today’s tech world. And he’s also able to captivate a crowd when he’s on stage.