Mortgage Rates Climb this week! Interest rates went up this week…

Ok, so I hate to say I told you so. But, I TOLD YOU SO!!! Interest rates climbed 4 basis points this week. Making the average on a 30 year fixed mortgage 5.15% . So all of you who have been saying, “no, interest rates won’t rise.” You were wrong. Last week, I took a lot of flack for saying when the fed raised the bank rate, that interest rates would immediately follow. I was schooled by a few professionals who informed me the bank rate has nothing to do with consumer rates? Duh, I know exactly what the bank rate is. And I also am a fan of history. So if you look back consumer interest rates always go up after the bank rate goes up.

Interest Rates are on the RISE

So, I am now writing this post to say I told you so.. We all knew interest rates wouldn’t stay as low as they have been forever right? I mean the whole inflation aspect which I don’t even want to get into is another issue. But, people need to realize at some point we are going to start having to pay for all the spending we are doing as a country. One of those ways is by raising rates. Companies will make more money, they can pay more taxes. It is a gigantic cyle, what goes up must go down. Now the thing the media doesn’t want to tell you , because they love to instill fear the society. What goes down, must go up! So, once again I am going to take the standpoint of we are in for a pretty rock road for the next 6 months. But then, I am going to go out on a limb and say we will see an uptick.. Just my opinion.

Now, really fast we need to express the interest rate situation.

1. Interest Rate went up this week
2. Interest Rate’s are going to keep going up.. How much? I would say a full point. I wouldn’t be surprised to see interest Rates in the 6% range this summer
3. Tax incentives are up in April…
4. Home values for affordable housing are at their low in majority of locations.
5. Act now, or you will be upset in 6 months, and I will be telling you I told you so again..

I would love to hear your opinion about Interest Rates, so comment email or whatever..

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