Mortgage Rates Forecast – Interest Rates Volatile in Late July
Posted on | July 21, 2009 | No Comments
Please get your mortgage rates forecast at Subprime Blogger. Return every Monday, Wednesday and Friday as that is when the forecast is updated.
Today the mortgage rates forecast got a little more cloudy. Ben Bernanke’s speech to the House Financial Services Committee pushed the yield on the 10 year treasury rate much lower which means that we are likely to see lower daily mortgage rates for the near term. Long term, I still think the overall uptrend remains which will push rates higher by the end of next week. It will be very interesting to see how rates react this week as the Fed might have run out of bullets for this battle.
In mortgage rate predictions, I actually predicted that mortgage rates would be up this week and I still stand by that as the 10 year yield move last week should keep interest rates above the levels they were at last week. The movement at the end of this week could go very far in determining what the overall long term forecast is going to be. If we see another strong bounce off the lower uptrending support line, mortgage rates are likely to move very close to 6%.
Please check out the daily Subprime Blogger rant; today I let Mr. Bernanke know how I feel:
Oh, so you are planning now for the “restoration of fiscal balance?” I call bullshit! The more statements that you make, the more I realize that you are full of shit Mr. Bernanke. Printing money in an attempt to spend our way out of this recession has not worked in the past so why do you think it will in the future?
Read the entire article here: Ben Bernanke, Please let the Markets Set Interest Rates
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