US Mortgages Hit 3 1/2 Year High
Mortgages climbed to their highest level in more than 31/2 years this week, with the benchmark 30-year loan averaging just short of 6.5%, Freddie Mac said Thursday.Someone ought to tell this bozo that Americans aren't falling for this crap anymore. "We all know" that you can't fight inflation by raising interest rates!
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"Mortgage rates continued to creep up following the unexpected drop in March's unemployment rate. That drop indicated there may be some upward pressure on wages in the near future, which could lead to a rise in inflation," said Frank Nothaft, Freddie Mac chief economist. "And the threat of a higher rate of inflation, as we all know, invariably leads to higher mortgage rates."
These guys are just trying to collect as many of our assets as possible before their casino in the sky comes crashing down.