Expect more bailouts next year…….
Real estate bubble needs lower interest rates to re-inflate. Expect action to continue saving the banks who pay for our government. As I posted awhile back, Oba mama has to pull a Clinton to save his sorry ass. make nice with the Republicans and kick the problems down the street for the next President.
To give you proof here’s Clinton finding out who really owns our government:
“You mean to tell me the success of [my
economic] program and my reelection hinges on the Federal Reserve and a
bunch of f*****g bond traders?”
Rising government borrowing costs have driven mortgage rates to their highest level in six months, challenging the still-shaky housing market and the Federal Reserve’s efforts to boost the U.S. economy.
The rate for a 30-year, fixed-rate mortgage averaged 4.61% this week, according to the weekly survey from government-backed mortgage firm Freddie Mac, up from 4.46% a week ago and the highest level since June 24.
The higher rates have likely snuffed out a refinancing boomlet that began earlier this year and put billions of dollars into homeowners’ pockets.
“The rate increase has been so sudden and so sharp that it’s almost too late for many borrowers to refinance,” said Kevin Cavin, mortgage strategist at Sterne Agee in Chicago.