• First the good news: no-point 30-fixed mortgage rates are back under 4.00 percent (depending on the usual qualifiers).
  • Global stock markets are declining in some concert, but there is no “crash” event.
  • The stocks-economy connection is too tenuous to count on, yet there is one solid linkage: global trade tends to benefit all parties, raising corporate earnings, and global trade has stopped its 25-year growth trend.

First the good news: no-point 30-fixed mortgage rates are back under 4.00 percent (depending on the usual qualifiers), down a quarter-percent since the first of the year. Global stock markets are declining in some concert, but there is no “crash” event, no self-feeding liquidation fueled by excessive leverage. This is as orderly a sell-off as sell-offs ever get.

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