Mortgage Rates for November 24, 2008
by Tom on November 24, 2008
in Mortgage Rate Updates, banks
Mortgage Rates have been updated.
Recommendation:
Rates remained basically flat since Friday, but I’m recommending that you lock all loans. Here’s why:
- The markets are initially viewing the nationalization of Citigroup’s bad debt as a good thing.
- I believe that eventually (maybe this afternoon?) the markets are going to realize that the fact that the government had to do that with Citibank is not a good thing and the fact that we’re going to have to pay for a lot of it.
- The precedent that was set with Citi means this isn’t the last bailout we’re going to see.
All of these will, in my mind, run a bigger risk of pushing rates upward than they do of sending them down. So, I’m recommending that you lock all loans.
Stay tuned.
