The Housing Time Bomb »
Posted By foreclo2 2 months, 3 weeks ago in Business & FinanceI am officially calling today D-Day for housing as the president has now said he will not veto the housing bill. Rates will never be the same after this bill passes. Rates have soared in the past week , and mortgage applications have plummeted in the last week as a result. Reports have applications down as much as 20% since rates started climbing. A 30 year mortgage is now at 6.5% up from 6.14% a week ago. Jumbo mortgages have now hit 7.5% up from 7.1% last week. CNBC reported that this is a 5 year high for mortgage rates. The effects of this housing bill are already forcing mortgate rates through the roof. Folks, Congress is putting the final nail in the housing coffin by passing this. The bond market is going schizo. The 10 year was sharply higher again today. Congress will deeply regret passing this housing bill. We are less than two hours from the vote. Sit back and enjoy the fireworks after it passes.
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