Most definately! The Fed's borrowing has finally caught up with them. The yield on the 10 Year Note has gone from 2.14% to 3.85% over the last four months. Interest Rates on Mortgages have increased by almost a full point in the same time. The increase in rates can increase a borrower's mortgage payment by several hundred dollars, lowering purchasing power.
Best Purchase Money Interest Rates (conforming: 80% financing, $250k ln amt, 720 FICO, SFR, AZ; FHA 96.5% financing, $150k ln amt, 660 FICO, SFR, AZ; Conf Jumbo 75% financing, $900K ln amt, 720 FICO, SFR, AZ)
Conforming 30 Year Fixed 5.625% no points
Conforming 15 Year Fixed 5.375% no points
FHA 30Year Fixed 5.500% no points
Conforming 5/1 ARM 4.875% no points
Jumbo 5/1 ARM 6.00% no points
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