Today's Mortgage Rates 7-11-13 Bernanke Speaks!
By Mike Hendrickson, Fine Homes, Short sales, excellent client services
(Premier Agent Network)
Ben Bernake said that the economy still needs stimulus and rates are going to stay low for a while longer. This was like rocket fuel to the market and stocks, precious metals, and commodities shot up. All you need to do is look around the world at the recessions in Euro Land, China slowing and Australia in free fall to "get it". All these events can take down the U.S. economy. Does anyone recall their U.S. history and what happened in the mid 1930's when the Fed raised interest rates? Started another tail spin down! Just look at the real estate market! New mortgage applications are down by 28% in the last month. The housing recovery has gone from "white hot" to just "hot". Any more interest rate spikes will change this to "warm", and even more to "room temperature". We have r...
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