Mortgage rates are at historical lows, but they are increasing at the fastest pace in a decade, Businessweek claims in a new article.
Earlier this week, Federal Reserve Chairman Ben Bernanke said the Fed plans to taper off purchases of mortgage-backed securities once the unemployment rate hits 7%.
The news sent stock markets plunging around the world, the article noted.
“If people believe house prices are going up, credit availability will evolve,” said Paul Willen, a senior economist at the Federal Reserve Bank of Boston. “There is too much money to be made lending to homebuyers. Lenders will find a way.”
Mortgage rates rise at fastest pace in 10 years | HousingWire.
Just back out of hospital in early March for home recovery. Therapist coming today.
Sales fell 5.9% from September and 28.4% from one year ago.
Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.43 million units in…
OneKey MLS reported a regional closed median sale price of $585,000, representing a 2.50% decrease…
The prices of building materials decreased 0.2% in October
Mortgage rates went from 7.37% yesterday to 6.67% as of this writing.
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