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goldminingXpert (29.76)

Still In Denial? Mortgage Rates Soar

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17

June 11, 2009 – Comments (7)

Here we go:

PR NEWSWIRE
Bankrate: Mortgage Rates Surge Higher
NEW YORK, June 11, 2009 /PRNewswire-FirstCall via COMTEX/ -- Mortgage rates
soared this week, with the average 30-year fixed mortgage rate rising to 5.95
percent. According to Bankrate.com's weekly national survey, the average 30-year
fixed mortgage has an average of 0.42 discount and origination points.

The average 15-year fixed rate mortgage jumped to 5.37 percent, while the average
jumbo 30-year fixed rate rose to 6.96 percent. Adjustable rate mortgages were up
this week as well, with the average 1-year ARM moving to 5.16 percent and the
5-year ARM climbing to 5.49 percent.

The rising mortgage rates have made it undesirable for many homeowners to
refinance their mortgages[. . .]


SURVEY RESULTS

30-year fixed: 5.95% -- up from 5.65% last week (avg. points: 0.42)

15-year fixed: 5.37% -- up from 5.06% last week (avg. points: 0.38)

5/1 ARM: 5.49% -- up from 5.20% last week (avg. points: 0.48)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data
provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to
http://www.bankrate.com/mortgagerates

Just like was warned.

 

 

 

P.S. Tony--leave a comment with the original post where our bet originated from... I want to link it in my post. I'll put my eating crow post once I have that link. Thanks. GMX

7 Comments – Post Your Own

#1) On June 11, 2009 at 8:08 PM, Evlampius (24.04) wrote:

GMX in denial?  Where do you see the mortgage rate go? Do you see it dropping back to 4.75 back after the Fed meeting on June 23rd?

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#2) On June 11, 2009 at 10:49 PM, russiangambit (29.49) wrote:

> GMX in denial?  Where do you see the mortgage rate go? Do you see it dropping back to 4.75 back after the Fed meeting on June 23rd?

Fed won't dare to do more QE (at least officially)  because that will hurt the dollar and oil is already is expensive as it is.

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#3) On June 11, 2009 at 11:07 PM, starbucks4ever (98.98) wrote:

Of course it will. Can we count on the continued stupidity of this moron? Yes, we can.

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#4) On June 11, 2009 at 11:10 PM, starbucks4ever (98.98) wrote:

Here is the link. Something's very wrong with the Fool's link function. I copy-paste the link to Bloomberg article, and it links to the original Caps post.

http://bloomberg.com/apps/news?pid=20601087&sid=apWVhFYArRhg

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#5) On June 12, 2009 at 9:52 AM, maxnik0215 (62.45) wrote:

Not sure, if mortgage rates going up is such a huge deal. Housing prices keep going down anyway. So if you have your credit score, downpayment and a job you should be in a good shape to buy a house. Otherwise, who is left there who is trying to re-finance?

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#6) On June 12, 2009 at 10:19 AM, russiangambit (29.49) wrote:

> Not sure, if mortgage rates going up is such a huge deal. Housing prices keep going down anyway.

Easy. 1% more in the mortgage rates over last 2-3 weeks means that an average  mortgage monthly payment increased by 10%. So, people  can afford to buy 10% less house now than just a month ago. It is very bad for the housing market and mortgage related assets on the  banks books. 

>  So if you have your credit score, downpayment and a job you should be in a good shape to buy a house.

Yes, but you will be looking now to buy it 10% cheaper.

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#7) On June 12, 2009 at 3:57 PM, tonylogan1 (28.22) wrote:

GMX - per your request...

http://caps.fool.com/Blogs/ViewPost.aspx?bpid=205756&t=01009588614429498823

 

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