Written by Timothy Blake on July 30, 2008 under Archives, Editorial
Even with the Fed lowering their rate to 2%, interest on fixed rate mortgages has steadily risen. The relief is slow in coming and with borrowers desperate for any improvement however slight, the deck is stacked against them. There are so many trying to refinance away from their adjustable rate mortgages that they are accepting a bludgeoning because they have little or no choice. The investors, once burned are twice shy about lending. We all know from experience that lenders will charge as much as they can, because they can. Rates for fixed rate mortgages rose 3/8% in the last week.
