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Funding Payroll Tax Cuts on the Backs of Home Buyers
The government just keeps on with it's "share the wealth" programs...
This time it's an extension of the 2% break in Social Security payments - funded by a new 1/2 point Fannie Mae / Freddie Mac loan guarantee fee. According to my sources, this will result in a one-fourth to one-half percent rate increase for home buyers.
I suppose no one should complain - after all rates are lower now than anyone can remember them being in the past. But still - it's taking from one to give to another. And it just might slow the housing market at a time when we all want it to pick up speed.
The funny thing is - it was just last September when the Fed implemented the "TWIST," which they said was designed to bring mortgage interest rates down.
Image courtesy of Dreamstine.
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