In this podcast episode, Tom Graff, a mortgage bond market expert, explores why mortgage rates don't directly track with Treasury yields. He emphasizes the crucial role of refinancability in mortgage bonds and explains concepts like negative convexity along with the various market dynamics influencing mortgage rates. Graff also provides historical insights, discusses the broader financial landscape, and shares current and future expectations, giving listeners a deeper understanding of the mortgage market's complexities and key investment considerations.
