Current Mortgage Rate Trends – Interest Rates Edge Lower
Posted on | July 21, 2009 | No Comments
Please use Subprime Blogger to get your mortgage rate trends; all trends articles are updated Monday, Wednesday and Friday. There are also several articles to help you get a home loan modification.
The current mortgage rate trends remain intact in an uptrend even though Ben Bernanke did his part to push interest rates lower. Every time it seems that the 10 year treasury rate yield starts moving higher, ole Ben comes on stage and does what it takes to push the yield lower. This was his comment:
“that economic conditions are likely to warrant maintaining the federal funds rate at the exceptionally low levels of 0 to 1/4 percent, for an extended period”
It will be very interesting to see when this is lifted but it is holding interest rates back from reasonable levels. This is great news for Americans who are refinancing or buying their first home, but it is not good news for the future of this country.
Eventually interest rates are going to normalize but it may be a sling shot effect as mortgage rates have been held lower to help the recovery of the housing market. Unfortunately this is extending much longer than the Federal Reserve had hoped for. Bernanke does not think it will lead to inflation, but how can it not? Overall, the upward trend in the 10 year yield remains, so we are likely to see higher mortgage rates.
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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