FHA mortgage rates after Aug 2nd

Any insight on how much rates could possibly jump? I’m hearing FHA rates could go above 7% immediately. Is this true or fear mongering ??

gpoint

in Financial Services 13 years and 9 months ago

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bkmatthew | 13 years and 9 months ago

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100 years ago, Argentina was one of the ten richest countries in the world. Decades of political infighting, followed by more decades of autocratic governments and military dictatorships, and finally a return to democracy, but with democratic governments facing an electorate with expectations of generous social insurance, have put it where it is now. Don’t say it couldn’t happen here because it could – it would take decades but it could happen.

The US dollar has decline 20 – 30% against the major world currencies over the last five years. Even if congress can cobble together a bill to increase the debt ceiling, Moody’s, Fitch and Standard and Poor’s will likely reduce the US government’s credit rating from AAA to Aa1 (Moody’s, Fitch) and AA (S & P), which will cause interest rates to rise.

The inability of the US Administration and Congress to manage and reform public spending in any meaningful way will lead to increased skepticism of the US Government’s ability to pay its debts as and when they fall due. 

All this is largely a result of the gerrymander. US state and federal politicians have been altering the congressional district boundaries for decades to ensure the incumbent party is guaranteed re-election. This leads to the primaries being the ballot where the seat gets decided. As the primaries attract mainly special interest groups, we find groups like the tea party able to control these elections, leading to candidates on the extremes of the parties being elected. Until we are able to get fair district boundaries (which may be impossible in states without citizen ballot initiative – e.g. New York) we’re going to be stuck with the current situation.

I would advise people to minimize their exposure to floating exchange rates, such as credit cards, HELOCs and adjustable rate mortgages, ensure that the amount of tax deducted from their paycheck results in them owing the federal and state governments around $100 at tax time, and consider moving any surplus cash into Swiss Francs, Canadian Dollars or Australian Dollars, preferably in accounts in those countries, but do not do so secretly, you don’t want to fall foul of money laundering rules. Euro and Sterling have their own problems and may end up in the same boat as the USD.

adam_dahill | 13 years and 9 months ago

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Rates are doing great, this is all a big show.  People need to relax. Rates rallied hard for the better today. 10yr Treasury notes closed at one of the best levels this year

daveinbedstuy | 13 years and 9 months ago

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It’s absolutely ridiculous. The fear mongering, brought on by Obama’s lectures to the country, is just that.

anonymous | 13 years and 9 months ago

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we are waiting on approval for our current application for an FHA. i really hope this isn’t true.

brownstoner | 13 years and 9 months ago

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No idea but for the first time in six years we’re glad to have a fixed-rate mortgage!