(NEW YORK) -- It’s been one year since U.S. government bonds lost their AAA rating.
Many experts predicted that the downgrade would push up borrowing costs, but the opposite has happened. Bond prices soared as the yield on U.S. Treasuries fell to new lows.
A year ago, the 10-year Treasury note yield was 2.40 percent; now, it’s less than 1.6 percent.
Cheaper borrowing costs are a plus for most consumers, especially those who are able to refinance their mortgages.
Copyright 2012 ABC News Radio