Mortgage Rates May Act Weird by Late May

Treasury Secretary Janet Yellen has warned Congress that the U.S. could default on its debt by June 1 unless its borrowing authority is increased or suspended. The Congressional Budget Office reported that there is a greater risk of the U.S. running out of funds due to lower-than-expected tax receipts and higher spending. Yellen urged Congress to act quickly to prevent a potential global financial crisis and to avoid the U.S. facing higher borrowing costs and a lower credit rating.