Fears of a recession in the U.S. sent shockwaves through financial markets around the world on Monday. The Dow-Jones dropped 1,000 points by 10:30 a.m. Eastern time, the NASDAQ lost up to 6% of its value and Japanese stocks suffered their biggest crash since 1987, with the Nikkei 225 stock index dropping 12.4%.

The turbulence should benefit the U.S. mortgage market, which has already seen big interest rate declines in the past week following a Fed meeting that teased forthcoming cuts to benchmark interest rates, along with a much weaker-than-expected jobs report.

“Bond yields have made details ⇒

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