States Seize Gift Not Seen Since Clinton Presidency: Muni Credit
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Like homeowners refinancing their mortgages at the lowest interest rates since 1971, U.S. states and municipalities are slashing debt-service costs by selling new securities to replace costlier borrowings from past years.
Interest rates on 30-year top-rated tax-exempt bonds last week were close to the lowest level since 1991 at 3.88 percent, according to Bloomberg Fair Value index data. The yields followed the direction of 30-year Treasuries, which are used as a benchmark for home-lending rates.