We'll see if this link will work: http://www.bankrate.com/brm/graphs/[...]
Thirty year fixed rates are at 5.64%, versus about 5.20% about one year ago ... and a 5 / 1 ARM is now 5.2% versus 4.6% over the same time period. Not enough to get upset about, from my perspective. I remember plenty of times when anything below 10% was a win ... with less appreciation than seen currently.
I agree we have had a bubble, and I too tend to think it will be somewhat painful correcting ... but to say
"Rates for mortgages are 200 basis points higher than a year ago, the cost of heating oil -- we all know has gone up -- and taxes have gone up and expenses have gone up," he said.
? I don't know where he's coming up with his interest rate data.
Perhaps it's like that old saying about how do you know when a politician is lying ... his lips are moving ...
Mod EDIT: Shortened URL -BMJ