MORTGAGE RATES SET TO RISE ½ TO 1% IN THE NEXT FEW MONTHS FOR EVERGREEN COLORADO REAL ESTATE
The major problem with the AIG scandal was that the derivative market was based on mortgage backed securities (MBS). Since the melt down the Fed has been buying up Fannie and Freddie mortgage backed securities to CYA their complicity in the mortgage melt down. Starting April first they will no longer be buying up the MBS and the mortgage rate will float. Now we will find out what rate the free market will loan out mortgage money for.
I think that we are most likely looking at a 1% rise to 6% par rate within the first month. This will set back the Real Estate market and slow housing sales. So if you are thinking of buying now is the time.
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