By Nick Childs, CFA
While mortgages have underperformed U.S. Treasuries year to date, lower rates have sparked a refinancing wave that is creating tailwinds in the housing market. Portfolio Manager Nick Childs explains why we believe active management is key to uncovering opportunities in the space.
Transcript
Nick Childs: So why mortgages, why now? Mortgages have struggled versus Treasuries year to date. In Q4 2018, we were around 150 basis points higher in mortgage rates. So, what we are seeing today is, back in Q4, around 7% of the universe was refinanceable; now, [it's] around