Mortgage Rates Drop After U.S. Credit Downgrade

Mortgage rates continue drifting downward, despite -- or because of -- a ratings downgrade on long-term U.S. government debt. Standard & Poors issued a single-notch downgrade after Friday's market close, from AAA to AA+.

Of the roughly $9.4 billion in publicly-held U.S. debt, 72 percent is long-term (i.e. with duration of 2 years or longer).

U.S. short-term debt was not downgraded.

When an entity -- government, business, or....

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Mortgage Rates Drop After U.S. Credit Downgrade