The US bond market is on the verge of a major breakdown - and that will send mortgage rates to levels unseen since 2000 and fuel more banking trouble, economist says
The US bond market is on the verge of a meltdown that will send government debt costs spiraling and wreck the loan portfolios of vulnerable banks, according to one expert.
A debt-market rout would also see home loan rate surge in line with Treasury yields,, according to Schiff, who predicts the benchmark 30-year mortgage rates to soon hit 8%, a level last seen in 2000. The Fed raised its benchmark rate this week by 25 basis points to a 22-year high, bringing the total increases since the spring of 2022 to a whopping 525 basis points.
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