Interest rates retreated from 2019 peaks as the Ukraine invasion by Russia escalates and grows more uncertain. No one knows if, when, and how this will end. When the world experiences tense geopolitical moments, it drives what is called a “safe-haven” trade into the relative safety of the US Dollar and the US-denominated assets like Treasuries and mortgage-backed securities.
The longer this war continues the longer we should expect rates to remain near or lower than current levels as the situation puts a bid or support under the bond market.
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