*so tell me? Who gives a flying rats ass if mortgage rates are at historic lows? Not when you consider the INFLATED price of a house you economist ijiots! Know how the world doesn't need more lawyers? Well we need smarter economists. How can you all think that the price of a house being 100 gazillion times more than my mother paid for in 1976 ($36,000) and Thirty years later it should be worth a WHOPPING $340,000? Itsa ranch house for gods sake. So of course mortgage rates should be low you morons. God this makes me so mad. The problem was and is INFLATION called a housing bubble fueled by Greenspan and Barney boys low interest rates so the country could jump into the subprime prime prime of the soon to collapse world wide economies, not to mention that we WILL NOT HAVE A RECOVERY until the federal government gets out of the business of finance and into the business of wrecking balls and starts bulldozing all the excess inventory of the past FIVE, yes FIVE years. And to think my degrees are in political science and law. Go figure. I'm still a genius. HAH! -Tradebum
Mortgage Rates in U.S. Increase for First Time Since August
By Brian Louis bloomberg.com
Oct. 15 (Bloomberg) -- Mortgage rates for 30-year fixed U.S. home loans rose for the first time since August, ending a streak that helped boost home-loan applications and demand for housing.
The average 30-year rate climbed to 4.92 percent from 4.87 percent last week. The 15-year rate was 4.37 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement.
Rising borrowing costs reduced mortgage applications last week from the highest level in four months. The Mortgage Bankers Association’s index of applications to purchase a home or refinance fell 1.8 percent. Rising rates make it more expensive to buy a home and may threaten the signs of stabilization in the housing market.
The Federal Reserve set out last year to encourage lower mortgage rates by pledging to buy bonds backed by home loans. It increased the size of the program to $1.25 trillion in March.
The bond purchases from Fannie Mae, Freddie Mac and Ginnie Mae brought down yields on mortgage-backed securities and allowed lenders to reduce rates on new loans while still selling the securities backed by them at a profit. The plan helped drive mortgage rates to a record low of 4.78 percent twice in April.
Mortgage applications to buy a home fell 5 percent in the week ended Oct. 9 and the refinancing gauge decreased 0.1 percent, according to the Mortgage Bankers Association.