Well, not so far. From this interest rate newsletter I get from HSH Associates:
Mortgages: Rate Spreads Narrowing
September 28, 2007 -- Short-term interest rates may be lower, but fixed mortgage rates are drifting in the other direction, according to the nation's leading survey of good-credit mortgage prices. The average 30-year fixed rate mortgage (FRM) rose by two basis points this week to close the week at 6.82%. Hybrid 5/1 ARMs, often a popular alternative to the benchmark FRM, slipped backwards by seven basis points to 6.54%.
I've been intrigued by the scathing criticism of Barry Ritholz and Peter Schiff, gentlemen featured on Larry Kudlow's CNCBC show. I guess we're seeing the "Helicopter Ben" effect after all, swooping down to the rescue of investment firms and the banks who made the risky loans.
It's welfare for the rich!
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