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Watch Mortgage Interest Rates

I thought we might just pay attention to mortgage interest rates if the Government's giant stimulous package passes. I have not heard anyting about it but I do know the more Uncle Sam competes in the market for $$$, the higher interest rates will go. I think real estate sales will suffer if we see mortgage interest rates go over 7.5% per annum. Now 7.5% rates uses to be considered creme de la creme in the 1990's but sound high in today's market.

If you get a chance, post your opinions and comments.

Dave

Posted by David Wiggins on 02/06/2009 11:42 AM

Comments (3)

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3 Comments on Watch Mortgage Interest Rates

FEB

Hi David. We all have our own benchmarks for an acceptable mortgage rate. Mine happens to be 8.0% which is what was in effect when I was looking to buy my first home. They doubled after that and then were nearly halved at the lowest point. I would imagine that each of us have a different reference point at what is "acceptable".

I agree that the government's borrowing to pay for the stimulus will have long-term effects on interest rates, but I'm sure they will come up with a temporary solution to try to stimulate the housing market. Unfortunately, I don't believe either measure will be good or effective in the long run. We can't borrow ourselves into prosperity, and we can't restore the economy by implementing the same programs--more affordable housing--that created the problem in the first place.

MAR

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