30-Year Mortgage Rates Fall Close to A 4-Year Low
According to the Federal Reserve (via the St. Louis Fed), 30-year fixed-rate mortgage rates fell below 5.5% last week for the first time in almost 4 years (see graph above), since early March 2004.CARPE DIEM
Professor Mark J. Perry's Blog for Economics and Finance
Tuesday, January 29, 2008
According to the Federal Reserve (via the St. Louis Fed), 30-year fixed-rate mortgage rates fell below 5.5% last week for the first time in almost 4 years (see graph above), since early March 2004.About Me
- Name: Mark J. Perry
- Location: Washington, D.C., United States
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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4 Comments:
Doesn't seem to be doing very much homeownership rates.
Homeownership Registers Record Drop.
OT
Wall Street bond rating agencies are poised to downgrade two big bond insurers, Ambac Financial Group and MBIA, even though New York state insurance regulars would like to get a postponement until the state can develop a bailout package, CNBC has learned.
Losing a Triple A rating could be devastating for the bond insurers, preventing them from drumming up new clients -- and possibly forcing them out of business.
Barring some last minute agreement on a bailout package, the downgrades could come as early as Wednesday.
The ratings agencies realize they're walking a tight rope -- if they downgrade the insurers, they could expedite their demise. On the other hand, if they follow New York's request and don't downgrade, they're in essence violating their duty to downgrade bonds on objective criteria.
Moody's downplayed the likelihood of striking a deal with New York, however. A spokesman for the ratings agency confirmed that Moody's has had conversations with the Insurance Department, but said "we don't forbear on our ratings" based on talks with government officials.
Standard & Poor's had no comment.
http://www.cnbc.com/id/22900574/from/ET/
Benny better have a lot of dope in thst crack pipe tomorrow.
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Mortgage rates generally rise and fall along with Wall Street securities and generally reflect the overall direction of interest rates. By keeping an eye on mortgage market trends and key economic indicators, a borrower has a better chance of obtaining interest rate savings. I would venture to say that mortgage and especially bad credit mortgages rates and interest rates in general will be higher in the coming years. We are coming out of a period of Fed rates not seen since the 50's. We saw the ten year reach 4.50% range recently which would usually have jumbo mortgages around 6.25% and conventional mortgages in the 5.75% range.
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