The decline in interest rates and more importantly in mortgage rates have been able to prop up the ailing US economy a little bit. But it seems that the short lived mortgage refinancing boom is over and will no longer be able to offer any support :
Keep in mind that the most recent data suggests that bond sentiment is extremely bearish.
The above chart is from the daily market commentary by David Rosenberg (sign up to receive it for free).
bond, David Rosenberg, Gluskin and Sheff, interest rate, mortgage, rates, refinance, sentiment
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