Posted To: Mortgage Rate WatchMortgage rates , and indeed most interest rates, are tied to movement in the bond market. In turn, bonds tend to benefit when big, scary stuff is shaking global economic confidence. In today’s case, the debt crisis in Turkey did just that. Investors sought safe haven in bonds, and rates moved to the lowest levels since July 20th. Lest you think that Turkey is a constant arrow in the quiver of potential market movers for rates, understand that things have had to get pretty bad for US markets to unequivocally respond. This has been a festering for several days (even months, depending upon how nervous or clairvoyant you might be by nature). Today was really the first day that where there’s no doubt that Turkey is in the drivers’ seat for global financial markets. See how weird that sounded? You…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Michael Ayoub, Author NMLS ID 6631