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Market Currents

Thursday, June 11, 2009
10:48 AM TweetThis
  • 30-year fixed mortgage rate jumped to 5.59% last week, Freddie Mac says, the highest since last November. Last year at this time, the rate was 6.32%.
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This news story has 9 comments:

  •  
    Up over 1% in just a little over a week. Can't be good for the housing market - or anything else that needs cheap credit.
    2009 Jun 11 10:55 AM Reply
  •  
    Does anyone remember that article quoting Bernanke as saying he'd "like to see the mortgage rate around 4%"?

    How quickly that is forgotten.....

    I'm not expert but this magnitude of a jump has to signify changes in the fundamentals we're looking at here.
    2009 Jun 11 11:19 AM Reply
  •  
    By historical measures this is still very cheap mortage money.

    But with employment and incomes under attack, along with the need to contract household debt, every little thing starts have big consequences.
    2009 Jun 11 11:57 AM Reply
  •  
    all in all - 5.75% on 30 Yr is a great rate. Inventory is overpriced still and with low rates it will continue to be. Fundamentally we need bottomed out purchases and not refinances for long term fix.
    2009 Jun 11 12:36 PM Reply
  •  
    Historically yes it is still fairly cheap, but the jump from around 4.25% to nearly 6% in a matter of days cannot be a good sign.


    On Jun 11 11:57 AM CautiousInvestor wrote:

    > By historical measures this is still very cheap mortage money.<br/>
    >
    > But with employment and incomes under attack, along with the need
    > to contract household debt, every little thing starts have big consequences.
    2009 Jun 11 01:57 PM Reply
  •  
    Sorry to keep dragging everyone here back to the real world I see around me but I think I sit in the thick of this thing. Those low rates went to primo refinances more than anything. No matter how good those rates seems, Joe Average wasnt qualifying nor were those who were losig those homes. the interest rate increase this soon is a blessing as It is an early red flag to the geniouses who think they can spend their (our) way out of this thing. 5% is a long way from the 16% I paid on my first home last time we were in times like these.
    2009 Jun 11 06:37 PM Reply
  •  
    5.75% seems to be kind of high considering it was at 4.75% a couple weeks ago, and we've seen 5.5% many times this past (Pre-Bailout) decade.


    On Jun 11 12:36 PM User 429879 wrote:

    > all in all - 5.75% on 30 Yr is a great rate. Inventory is overpriced
    > still and with low rates it will continue to be. Fundamentally we
    > need bottomed out purchases and not refinances for long term fix.
    2009 Jun 11 08:20 PM Reply
  •  
    My sister just got a new home (at half price) at 4.35% about 3 weeks ago - and she is hardly a fat cat, being an almost to retire GS5 government clerk. Two houses near me just sold about a month ago at around 4.5%, houses in the $200K range.


    On Jun 11 06:37 PM Dan in mpls wrote:

    > Sorry to keep dragging everyone here back to the real world I see
    > around me but I think I sit in the thick of this thing. Those low
    > rates went to primo refinances more than anything. No matter how
    > good those rates seems, Joe Average wasnt qualifying
    2009 Jun 11 09:34 PM Reply
  •  
    On Jun 11 06:37 PM Dan in mpls wrote:

    > Sorry to keep dragging everyone here back to the real world [...]


    Gosh, what would we ever do without you, "Dan in mpls".
    2009 Jun 11 10:08 PM Reply
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