Free and clear homes point the way to next round of housing demand:
We are all too familiar with the constant media reports that state that approximately one third of home owners are "upside down" or "underwater" on their mortgage. This is when they owe more on their mortgage than what their home is worth. As home prices have been steadily increasing, these people are less "underwater" than a year ago but they are still essentially stuck in their current home.
What Happened to Rates Last Week?
Mortgage backed securities (MBS) gained +2 basis points from last Friday to the prior Friday which caused 30 year fixed mortgage rates to move sideways. We had our highest mortgage rates on Friday morning and our lowest rates on Wednesday.
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