How Brexit could affect the global economy (including U.S. housing)

  • Oddsmakers in the United Kingdom have consistently posted very long odds for U.K. exit from the European Union.
  • The flip in polls to Leave upended financial markets.
  • Closer to home, Fed Chair Yellen acknowledged that forces holding down interest rates will be protracted.

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So, the interest rate for U.S. mortgage borrowers is determined by London bookies? So it is, and for one more week. And the result, briefly, rising now: U.S. 10-year T-note to 1.55 percent and mortgages near 3.50 percent, both five-year lows (note that overseas money prefers Treasurys to mortgage-backed securities, the yield spread widening).