After this week in rate increases…I kind of feel like I imagine Tyson did….Where did that come from….
Unlike Tyson we need to shake this off…Rates went from +/- .125% of 5% to +/- .125% of 6% in what felt like less time than it took Buster to Knock out Tyson…
We need to take a breath and really look at where rates are. 6% is still historically on the very low side. Unfortunately, I think the sticker shock will make many who were debating purchasing a home to shut it down! As consumers do not lose sight of the fact that Rates are at historic lows (even at 6%) and property values are deflated. Rarely if ever have these 2 events happened at the same time.
Will property values continue to depreciate as rates rise? I wish I had the answer to that.
Last 5 posts in Approval/Qualification Process
- New Help for Buying Fannie Mae's Foreclosures - November 30th, 2009
- Get to Know Your LTV - November 23rd, 2009
- $8000 Tax Credit is Extended through April 30, 2010...and it's been Expanded! - November 6th, 2009
- How to Boost Your Credit Score – Part 2 - November 2nd, 2009
- Is It Harder to Get a Mortgage? Perception is Reality.... - October 29th, 2009
Comments
3 Comments so far
Brian Brady
I was in a Manhattan bar when that happened. As stunned as I was then, it paled in comparison to the last three-week massacre. I witnessed this beating unfettered by the effects of spirits.
Andrew Adams
Oddly enough I was in a bar in Narragansett RI…Sandcastles.
Brian Brady
Oddly enough, we never met in any of those public houses, back East. We’ll have to rectify that soon.