That caused long-term rates to jump from 6% to 8%. The markets also suffered because the structure of the US mortgage market created a so-called convexity problem. This essentially means that when...

That caused long-term rates to jump from 6% to 8%. The markets also suffered because the structure of the US mortgage market created a so-called convexity problem. This essentially means that when rates rise, the duration of fixed-rate mortgages typically lengthens.