What's behind the drop in long-term Treasury rates?

  • It's possible that the largest recent downward push is extremely hard to quantify: geopolitical risk.

Last week was what the military calls “target rich.” The first: Long-term rates on Wednesday broke out of the bottom of a range, 2.30-2.60 percent, which has held since November. The 10-year T-note dropped to 2.23 percent, taking low-fee mortgages almost to 4.00 percent.