“I recently saw a woman at Walmart with March Madness teeth… She was down to the final four.” Risk-free, prepayment-free Treasury rates have approached, or gone below, four percent as the expectations have grown for a slowing U.S. economy (it doesn’t help the ag states that China has cut off buying our soybeans, for example) and therefore potential Fed cuts. Borrowers are certainly reacting to rates dropping, as capital markets staffs are dusting off their renegotiation policies and explaining early payoff penalties.
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