Rates are Creeping Up
Posted on | April 23, 2009 | No Comments
It’s been known for quite awhile that interest rates are being artificially held down by the fed and the government’s action, which has led to great opportunity for first time home buyers as well as anyone buying or refinancing a home. With that said, many believe they will not stay down forever and over the last week interest rates are slowly creeping up. That is not to say that they are not still good because they are.
Rates will never be low enough for most people and I understand that. However, rates at this rate will most likely have to increase to fight off inflation in the long term. I paid over 12% on a house in the early eighties (yes, I am that old) and was thrilled when they dropped to 8%! I am afraid there are those who feel that if rates ever go above 5 to 6% that the world will in fact collapse. I am here to assure you that it won’t. But if you are in the market to buy, now is a great time.
Comments
Leave a Reply