And how does this correlate to credit risks?
Freddie Mac reports that 88% of all refinanced loans in the first quarter were cash-outs, with homeowners taking more money out of their homes. For the first time in five years, more than half of these cash-out refinancings came at a higher interest rate than the original loan. Some homeowners are switching from adjustable rate to fixed mortgages, to try and get the jump on interest rates-and swallowing monthly payment hikes of 70% or more.
How will this affect commodities.

Institutional Commoditization.
While commodities have been in a highly speculative phase, there are new undercurrents that make it harder to estimate how long this phase could last. With significant institutional funds looking for more exposure to metals, energy and commodities in general, the parabolic curve could have further to run after this correction,.