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Archive for the ‘interest rates’ Category

Update on Interest Rates! Rates continue to fluctuate

Posted by spencerjanke on March 4, 2010

Weekly national mortgage survey

Interest Rates went down a little again this week. After jumping a little at the end of last week. In the last couple of days we are seeing  a huge surge of Refi applications throughout the United States. As buyers and home owners prepare for higher interest rates in the months ahead.

Apparently everyone is heeding my warnings, and have finally realized these rates are a very short term situation. Consumers are preparing for rates to jump back up to what they need to be. It is going to be intersting to see how this shakes out in the economy. I keep having this discussion with many other professionals, and it shocks me to hear the many different opinions. I mean, really? How can you not see that rates can not stay as low as they are currently? With inflation looming over our heads, if we don’t do something things could get a lot worse really fast. Lets just cross our fingers and pray at this point :)..

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

Posted by spencerjanke on February 25, 2010

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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