Mortgage Rates Set Record Low 4.69%
CARPE DIEM
Professor Mark J. Perry's Blog for Economics and Finance
Thursday, June 24, 2010
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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5 Comments:
http://calculatedriskimages.blogspot.com/2010/06/mba-purchase-index-june-23-2010.html
it's interesting that despite such low levels.mortgage application and issuance remains low.
this is likely due to more stringent lending standards which are going to counteract some of the benefits of the low rates. there's really nothing that can be done about it as standards had clearly been far too lax for some time and needed tightening, but it is going to make recovery slower.
it will take some time to work off the excesses of the last decade.
"according to data released today by Freddie Mac"...
Hmmm, so just how credible is a GSE that's sucking taxpayers dry?
I really wish I could get more than 0% on my savings.
4.69% would be like heaven
New home sales plummet 33% to set record low after mortgage welfare program ends.
Reminds me of a song:
"The boom gets started with an expansion of credit
The Fed sets rates low, are you starting to get it?
That new money is confused for real loanable funds
But it’s just inflation that’s driving the ones
Who invest in new projects like housing construction
The boom plants the seeds for its future destruction
The savings aren’t real, consumption’s up too
And the grasping for resources reveals there’s too few
So the boom turns to bust as the interest rates rise
With the costs of production, price signals were lies
The boom was a binge that’s a matter of fact
Now its devalued capital that makes up the slack."
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