Rates for home loans were little changed near recent lows as investors struggled to make sense of competing economic narratives, offering some breathing room to house hunters.
On March 22, that’s exactly what happened. The “yield curve” — a visual representation of how much bonds of various durations are yielding — inverted, meaning that investors were demanding more yield for short-term bonds than for long-dated debt. Over the past few decades, an inversion of the yield curve has generally been a harbinger of recessions, and a signal that investors are more uneasy about the immediate future for the economy and markets than for the long-term.
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