I'm Still on the prowl for lower mortgage interest rates... If you've read this blog before, you know that I think George Soros is one of the smartest guys in the room. Goerge was back in the news today helping me understand what happened to rates this week!
According to Bloomburg, "Billionaire George Soros said the boom in commodities is still in a "growth phase'' after prices for oil, wheat and gold rose to records.
"You have a generalized commodity bubble due to commodities having become an asset class that institutions use to an increasing extent,'' Soros said today at an event sponsored by the Centre for European Policy Studies in Brussels. "On top of that you have specific factors that create the relative shortage of oil and, now, also food.'' Soooo. what does this mean??? (PIZZA PRICES are going up too!?!?)
It means that as Bad News for the Economy comes out - instead of pulling money from the Stock Market and putting it into the "safer bet" in the Bonds Market... Invstors are now putting money in the COMMODITIES market. Because there's still little to no demand for mortgage loans... rates are not going down. In fact - we are seeing HIGHER mortgage interest rates!
If you need more information about mortgage interest rates, contact Steve and Eleanor Thorne
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