Credit Market Indigestion?
Big jump in rates today: from 4.75% to well over 5%. That may not seem like much, but in the mortgage market, that's like a 250 point drop in the stock market.
The explanation? Apparently, a not-so-successful U.S. Treasury auction, which mortgage rates key off of.
Maybe borrowing a couple extra trillion is starting to create indigestion???
Wednesday, May 27, 2009
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