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Daily Mortgages Rates Are All of the Map

Daily mortgage rates have been quite extreme over the last two or three weeks. There was actually ONE day in which mortgage rates moved three quarters of a percent in one day. This type of move does...

Daily mortgage rates have been quite extreme over the last two or three weeks. There was actually ONE day in which mortgage rates moved three quarters of a percent in one day. This type of move does not happen often and could spell doom for the overall housing market. Making interest rate predictions in the current environment is very tough because no one really knows what the mortgage environment is going to digest.

One thing is for certain and that is the fact that mortgage rates are going to be very volatile on a daily basis. It is very possible that you could go to your broker today and get a quote for a rate of 5.6% and go back tomorrow and find out that the rate has jump to 5.95%. Many home owners feel that they can "lock in" at a certain rate, but trust me, lenders can pull that offer at any time. Now that the overall lending process is much different than it used to be because of the subprime mortgage mess, lenders have the opportunity to be much more strict in their processes.

Even though this is tough for a borrower, it will make the economy better in the long run. During the 1990s and early 2000s, if you have a heartbeat and could sign a sheet of paper, you had an opportunity to sign a mortgage for almost as much as you wanted. As we know, this was a huge mistake and we, as a countryFree Reprint Articles, are stilling paying for it. It is likely that the global economy will be digging themselves out of the subprime mortgage mess for quite some time.

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ABOUT THE AUTHOR


Subprime Blogger offers a series on daily mortgage rates and how they affect the economy and ultimately your life. There is also a plethora of information on interest rate predictions.



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