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Monday, October 24, 2011

Mortgage interest rates

Bill Fisher earlier Mortgage Coach Rate Watch report:

Fannie Mae, in a forecast issued last week, predicted that 30-year fixed mortgage rates would average 4% in 2012, and 4.2% in 2013. Pause in the midst of your current sip of coffee and ponder with me one of the likely ramifications of this forecast (if correct).

As the relatively humorless writers of the Fannie Mae forecasts have it, “Despite recent marginally positive economic trends, the economy is stuck in a slow growth scenario that is expected to continue for a relatively extended period.” (Don’t you just love those “recent marginally positive economic trends”? It’s like a young teenager getting a ten cent increase to his monthly allowance. Gosh, thanks, Dad! And how about that “relatively extended period”? Enough already?)

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