Saying Good-Bye to Sub-6% Rates
Mortgage bonds are breaking through a key technical level I'm been watching for in today's trading.
What does this mean?
It means "so long" 30 year fixed rates under 6%, that's what. I gave the heads up on this a few weeks back and that window is now closing. I don't expect to see fixed rates under 6% anytime this year and, quite possibly, not for several years.
Just because the housing market is slowing down doesn't mean we have to see lower rates to get it to pick back up. Nope. The only thing that will cure this ill is lower home prices. Some cure, huh?
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