Rates going up
I think it was just yesterday I posted about rates going up and that you were nuts to be in a short term adjustable mortgage.
My longer term thinking was that bank rates for savings would be going up again and when that happens I could lock into something with a good yield for a longer term. I am not so sure that savings rates are going to go up as much as I was hoping because of the enormously increasing spread between savings and lending, and that has to happen in order for banks to get their balance sheet back in order. It seems to me before these financial, incompetent, models the rate spreads were much higher and that is what we'll be seeing a return towards.
But wow on how much the mortgage rates increased this week... 6.63% from 6.26%.