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Mortgage bankers should be happy. The US Treasury 10 year yield fell today to its lowest level since September 4, 2012. The 30 year fixed-rate ,mortgage rate should fall as well.
Meanwhile, in Europe, 12 countries now have negative 5 year sovereign yields. Well, 11 countries and The European Financial Stability Facility (EFSF).
So, how much lower will The Fed and the ECB try to push rates? We are already in the danger zone.
Here is a video of Fed Chair Janet Yellen and ECB President Mario Draghi fighting it out for who can create the biggest asset bubbles while not helping their respective areas middle-class.
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