MBS Day Ahead: The Big Risk

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Posted To: MBS Commentary

When I think back to 2012--the last time that global financial markets were battling back from European systemic risk drama--I remember feeling less anxious about the whole thing because our own Fed had not yet broached the subject of pulling back on asset purchases or accommodative policy. Just when it looked like Treasuries had perhaps put in their all time low yields after July, the Fed announced QE3 in September, ushering in the lowest-ever mortgage rates. Some chilling realities remain from 2012 though--at least for the US. With 10yr yields bouncing in the 1.6's this year vs 1.3's back then, we've put in a long term 'higher low.' The big risk has been and continues to be that we've turned the long term corner and will continue to put in long term higher lows. Compounding...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/481550.aspx

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