Monday, May 28, 2007

Why Rates Are Moving UP..

If you need to refinance or if you are contemplating a purchase... be aware.... rates are moving upward.. as of last Monday.. May 21, 2007 ... 30 year jumbo loans were between 6.35%-6.5% depending on your down payment and credit score. Three weeks ago they were at 6.125%-6.275% which is a pretty heavy increase in three weeks.

There are lots of theories about why rates are moving upward as home demand over most of the country is down. One which makes a lot of sense to me is the the demand for money (credit) world wide is increasing.. just as the demand for oil is also increasing on a world scale.

As more and more countries enter the world market place their demand for goods and services is going up which places a strain on resources. Something to think about as you contemplate financial moves.

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