Mortgage Rates Hit New 4 Year High
Here are some Dow Jones Headlines from earlier today.
DJ Freddie Mac 30Yr Fixed Rate 6.49%, Highest Since July 02
DJ Freddie Mac 5-Yr ARM Rate Rises To 6.13% From 6.11%
Some housing bulls like to try to panic the populace into buying by telling them to buy real estate before rates go higher. This is of course ridiculous since an increase in rates will reduce the overall price of the property. At this point in the housing cycle, I would rather buy a house at a reduced price and a higher interest rate since I will eventually be able to re-finance at a lower interest rate.
DJ Freddie Mac 30Yr Fixed Rate 6.49%, Highest Since July 02
DJ Freddie Mac 5-Yr ARM Rate Rises To 6.13% From 6.11%
Some housing bulls like to try to panic the populace into buying by telling them to buy real estate before rates go higher. This is of course ridiculous since an increase in rates will reduce the overall price of the property. At this point in the housing cycle, I would rather buy a house at a reduced price and a higher interest rate since I will eventually be able to re-finance at a lower interest rate.
posted by Little_Silvered at 6:36 PM
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