I haven't been tracking rates lately, and certainly not jumbo rates, but I'm pretty sure this is a pretty major jump.
This isn't going to help anybody sell those high end properties anytime soon.
Thursday, October 9, 2008
Wells Fargo Jumbo Rates Over 9%
I haven't been tracking rates lately, and certainly not jumbo rates, but I'm pretty sure this is a pretty major jump.
This isn't going to help anybody sell those high end properties anytime soon.
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Ted spread is pulling hard to increase mortgage rates, and the boys in D.C. are fighting tooth and nail to avoid having to pump bond yields in order to try and keep mortgage rates low.
They will fail, and mortgage rates are going to rise. Goodbye to what's left of the housing market when that happens. Longer term T-bills FAILED at auction this week folks. The market turned its nose up at the US dollar and said "too much risk -not enough reward". The auction was repackaged and sold as shorter term bonds which are still getting snapped up.
Between the liquidity bazookas, bailouts, loans to private companies, and other hog trough fun, the government MUST sell ever increasing amounts of t-bills (above and beyond the $2B per day we've BEEN borrowing from the world.)
One of two things is about to happen in my opinion:
1.) US financial model/system stays largely intact, interest rates go up considerably in 2009 (Dbl digit mortgage rates), and we battle one hell of a recession.
2.) Dems + Repubs + Wall St with the other wealthy elite in the world re-create our entire financial system into something completely different, less competitive, less free, less transparent, and even more profitable for themselves over the long term. It will be designed to keep asset values falsely inflated, and will be spoon fed to us by the talking heads on the tube.
I sure hope it's #1 !!!!!
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