Telis Demos

speaker

656 appearances 10 recordings 1 series first heard Jun 2018 last heard Dec 2024

Telis Demos’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why You Shouldn’t Expect a Rapid Drop in Mortgage Rates · 14 Aug 2024 podcast

That meant that stock prices came back up. voice-verified

Treasury yields came back up. voice-verified

Mortgage bonds came back up. voice-verified

Because what the bank is quoting you as a mortgage rate is sort of based off of all that. voice-verified

A lot of those daily measures that we also check in on, we saw those kind of going back up over the course of the week. voice-verified

But that's a classic flight to safety trade. voice-verified

So when what people call risky assets like stocks are going down really fast or a lot or sort of unexpectedly, a lot of times what you'll see is people will run to what they consider generally more safer assets. voice-verified

And oftentimes that includes debts of the U.S. voice-verified

government. voice-verified

So you have treasury bonds and then you have mortgage bonds, which they're considered much safer sort of things to hold than stocks are. voice-verified

And so voice-verified

What you see is very typical in a situation like this. voice-verified

You see prices going down. voice-verified

You see treasury yields going down. voice-verified

And mortgage bonds, which in some ways are priced off of treasury bonds, those usually move in the same direction as treasuries do in those situations. voice-verified

Mortgage rates have a few things kind of priced into them, and among them is the sort of benchmark interest rate that they might use, which is basically like a treasury bond of a similar sort of duration. voice-verified

So when treasury yields go down, what you usually see are mortgage rates going along with them. voice-verified

And that's, again, because those mortgage rates are sort of priced off of what treasuries are doing. voice-verified

So those things tend to move in the same direction. voice-verified

When treasury yields are going down, meaning people are buying treasury bonds, voice-verified

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