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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 (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator click to get a free, no-obligation rate quote.
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