Wow, 3 weeks ago on a Wednesday we had a 25-45 minute window where 30 year mortgage interest rates were at 5.25% and now we are at 6.125%! Can you tell my frustration? In my opinion the market (Dow & Nasdaq) are extremely overpriced given the current economic conditions. It almost seems that traders are willing to perceive any and all data as good, when in reality if you read between the lines may not be as such. Therefore over the past 2.5 weeks we have seen a continued escalation in mortgage rates. I bet this is good for people wanting to buy homes?
It seems the Fed is really more concerned about helping banks and struggling consumers rather than "potential" consumers of inventoried homes. Now with that being said I am very much in favor of most of the policies the Bush administration and The Fed have enacted but it has really taken mortgage rates for a ride lately and we are on the upward slope of the "roller coaster" ride. Be prepared for the continued volatility as we move forward!
Brought to you by Professional Mortgage Group, Inc.
Your Columbia Missouri Mortgage Broker
Thursday, February 14, 2008
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