Article: The Random Character of Interest Rates.

The Random Character of Interest Rates

Interest rates pervade American life. Much of the federal budget is devoted to paying interest on the now enormous federal debt. Because most Americans finance the purchase of their homes, interest rates impact the cost of owning a house. The early seeds of the S&L crisis were sown with the spike in rates during the late 1970s and early 1980s. While interest rates generally concern most Americans, they are a topic of fixation for mortgage professionals. Rates determine the value of loan pipelines, warehouses and portfolios. Rates also influence the value of servicing and the overall level of loan production.

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