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Call Dan at 513-443-2020 | Rates Flat Year-Over-Year, or How Did I Possibly Work A Tower of Power Lyric Into A Blog Post?
Posted on July 25, 2007
Filed under Interest Rates
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Today, in its Existing Home Sales report for June 2007, the National Association of REALTORS noted that mortgage rates are lower by 0.02% than in June 2006.
I guess I knew that, but wasn't paying attention to it. I had wrongly assumed rates were higher because this recent run-up was so long and extreme.
Then, I looked back...
Last summer, mortgage rates rose steadily from mid-April until mid-July on (1) fears of inflation and, (2) a changing expectation of the Fed's next move.
From there, it was a steady decline until March 2007 . That's when the mortgage rate momentum reversed on (1) fears of inflation and, (2) a changing expectation of the Fed's next move.
Gosh, the more things change, the more they stay the same.
Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.
