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How Bad Is It?
How Bad Is It?
 
As I type this blog post, it's raining outside, pouring actually.  And that's fitting because if you've been looking to get a mortgage since the presidential election, you've been facing your own personal deluge of sorts as well.  Interest rates are higher, no doubt about it, and the worst two week bond rout in the last 26 years has translated into approximately a half percent increase in rates to most programs.
 
So how bad is it?
 
There's a few ways to look at this, and the chart below shows that bond prices are approaching where they were exactly one year ago.  It's not as if we've returned to the Carter administration overnight, of course, and rates are still very favorable from a historical perspective.  In our chart here, note that the lower the lines go, the higher the rate, as bond prices and yields work inversely.
 
But the human mind doesn't tend to work inversely.   Most of us look at what's been lost in the immediate term and focus on "the one that got away."  If we know that rates could be as much as .5% higher, what does that do to the typical payment on a 30-year fixed rate ... more

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