Rates for 30-year home loans ticked down for the second-straight week, remaining close to record lows reached over the spring.
But it won’t last forever. Rates will eventually trend upward, Larson said, as the economy starts to turn around and concerns return about how long overseas investors can stomach massive levels of U.S. debt.
“Over the longer-term, there’s going to be general upward pressure on interest rates across the spectrum,” he said. “Mortgage rates will be caught up in that.”
To prop up the housing market and help the economy revive from the worst recession since the 1930s, the Federal Reserve is spending $1.25 trillion on mortgage-backed securities, which has driven down rates on home loans.
from Jay Robertson | President of First Capital
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