Opinion: The interest rate declines that have worried investors, economists, and the Fed are your mortgage's fault by pearkes
The decline in interest rates and its effect on the yield curve has become on of the hottest topics of the past year. While most of the worry is focused on what the rate moves mean for the economy, there is a hidden factor driving down rates. The refinancing of mortgages, and the need for investors to hedge refinancing risk, is helping to add to the plunge in interest rates. George Pearkes is the Global Macro Strategist for Bespoke Investment Group.
The decline in interest rates and its effect on the yield curve has become on of the hottest topics of the past year. While most of the worry is focused on what the rate moves mean for the economy, there is a hidden factor driving down rates. The refinancing of mortgages, and the need for investors to hedge refinancing risk, is helping to add to the plunge in interest rates. George Pearkes is the Global Macro Strategist for Bespoke Investment Group.
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