It will be interesting to see where interest rates head this week. They had an upward rise late last week. The Fed raising rates does not directly have an effect on mortgage rates; however, most people think it does. The prime rate on a HELOC is the only rate that reflects the Fed raising the federal funds rate.
There were two days last week that mortgage backed securities really took a hit and those are the days interest rates went up. It should be an interesting week next week. Is this the start of the rise in rates that most "experts" have been suggesting, or is it just an anomaly?
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