I'm sure you have heard it a thousand times from mortgage professionals such as myself as well as other Realtors. Mortgage rates will rise in 2010. Don't believe me?
Even Lawrence Yun states that no one should expect mortgage rates to stay below 5%. Furthermore, he states that mortgage rates have nowhere to go but up and that higher mortgage rates will be a negative for the housing market. He does surprisingly foresee a quicker housing stabilization and economic recovery.
Also in the video is Matt Garrison, Managing Director of the Matt Garrison Group (Coldwell Banker's #1 Sales Team in 2006), who agrees with the fact that mortgage rates will go up. Where he disagrees with Yun is the severity of the impact on housing affordability and pricing stability.
In my opinion, as an active mortgage planner in Northwest Indiana for the both purchases and refinances I believe Garrison to be more accurate on his assessment of the negative impact of higher mortgage rates. The question is no longer about whether mortage rates will rise? The real question of the moment is...
How Will Higher Mortgage Rates Impact the Housing Recovery
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