Jun
30
Mortgage Thought of the Day, from Dan Grossman
June 30, 2010 |
All those benighted idiots who took out adjustable rate mortgages a couple of years ago with 1% initial teaser rates are looking pretty good these days. They probably paid 4% interest over the last year, and are looking at adjustment to something like 3% for the year to come.
Ken Drees adds:
Pennywise, pound foolish. So what if you save some bucks on interest. You invested in housing at still questionably high prices, and interest rates can only now surprise on the upside. Selling your home (getting out) is not a button push. Housing can stay low and will for years–much longer than short term holders will be able to stand.
Now they should lock 30's. Lots of arson these days….
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