BONDS TANKED – RATES INCREASED
Posted on May 27, 2009
Filed Under Financing, News, Real Estate
This just in from WR Starkey Mortgage:
30 YEAR is now at 5.25% (we had 6 rate changes for the worse this afternoon).
Consumer confidence was better than expected, there was a sell off in the bond market – and it took off from there.
I have not seen this happen in my 20 years of mortgage lending. I have seen knee jerk reations in the bond market like this and rates have gone back within 3 or 4 days. It’s hard to guess how this scenario will turn out, I’m hearing it may take 2 or 3 weeks – if they creep back down.
We will keep you posted over the next few days.
| Andy Pilcher Certified Mortgage Planning Specialist WR Starkey Mortgage
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