Understanding What Drives Mortgage Rates

30 December 2008 @ 11:01 pm EDT

It's no secret that the housing and mortgage market is a giant weight around the neck of the US economy, which is now in recession. In order for the markets to stabilize, housing has to pick up, or at least stabilize to some degree. Lest we forget, the economic boom of the last 5 years was largely driven by the housing and credit markets. Now they are like a European luxury car that looked amazing rolling off the lot and drove well for a couple years, but now things are falling apart, repairs cost a fortune ($700 billion) and we can't get rid of it because nobody will buy it.

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