Rates Are Up
Posted on | October 13, 2008 | No Comments
For all of those waiting for the rates to come down even lower in order to purchaser a home, you may have waited too long. Rates went up from .500 to 1 point last week and they are holding today.
People still think mortgage rates go up and down with prime. I have blogged and talked about this to a lot of people but for some reason, people want to believe what they want to believe whether it’s true or not. (Sounds a lot like politics, doesn’t it)
Mortgage rates follow mortgage back securities (MBS) and the bond market. Lately these two elements have been at opposite ends of the spectrum so no one knows what to watch and who to follow in order to see where things were headed. However, the market will always be conservative and that’s what it is doing today.
Rates could very well go back down in time and they could continue to go up as well. If you are in the market to purchase a home and are waiting on rates to reach a certain level, you may never own your own home.
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