Mortgage rates hit 10 month high

[Aces High]

http://www.reuters.com/article/2011/02/09/usa-economy-mortgages-idUSN0915805320110209

[cjd]

Interest rates are still very low... 5.13 would have been a blessing back when I was making payments... Back then 10% was the norm and people were happy to get that... At some points people even paid higher rates and sometimes crazy terms to boot... The housing market is going to be bad for years... People who bought homes at the peak of the market are really going to take a hit... I don't see things correcting themselves for some time if ever... In some parts of the country prices were so over inflated that without the artificial mortgage game most average people  could never actually afford to buy a house. One thing for sure if anyone has a few bucks there are plenty of distress sales that can be snapped up for a song.

[briann]

I don't see things correcting themselves for some time if ever..

Wow, thats the first time ive seen anyone else agree with me on the housing issue.  Ive been saying this for years, that things arent going to return to normal, not with this much damage done by lending so much to unlendable people for so long.  And now average people are walking away from their obligations... this shows no signs of abating at all.

Its time for the Fed to do the right thing here, and not do anything.   They gotta stop printing money and let rates rise... otherwise they are just postponing the inevitable, and the inflation they will cause in the long run will be unimaginable... and that combined with our state and national borrowing could bring this country to its knees.

[Baltimore]

Briann- I agree with you and I have been agreeing with you on this forum for a while. Housing is not getting better and Fed needs to stop printing money. Large Banks need to recognize their losses and let the world know about all the junk they are holding. Of course if the major banks tell the truth then everyone of them well go bankrupt since in reality they are all bankrupt right now, but they lie about what they have on their books and get away with it.

Wow, thats the first time ive seen anyone else agree with me on the housing issue.  Ive been saying this for years, that things arent going to return to normal, not with this much damage done by lending so much to unlendable people for so long.  And now average people are walking away from their obligations... this shows no signs of abating at all.

Its time for the Fed to do the right thing here, and not do anything.   They gotta stop printing money and let rates rise... otherwise they are just postponing the inevitable, and the inflation they will cause in the long run will be unimaginable... and that combined with our state and national borrowing could bring this country to its knees.