Anyone else notice how much mortgage rates have been sky rocketing lately? 30 year fixed rates went up 18 basis points last week because of lenders fear over increased gas and food prices. I was personally pre-approved 4 weeks ago at 5.58%, today I put a contract on a house at 6.13%. I would like to hear what you guys think but I cant imagine this is going to help out with the recovery of the housing market if mortgage rates continue to trend upward like this. What do you guys think?
GDP news today has some still asking, "Dude, where's my recession?"
"The new GDP reading, released Thursday by the Commerce Department, was an improvement from the government's initial first-quarter estimate as well as the economy's performance in the final quarter of last year. Both periods were pegged at a 0.6 percent growth rate.
However, economists still consider the 0.9 percent growth rate subpar. More normal growth would be along the lines of a 2.5 percent to 3 percent pace, they said. GDP measures the value of all goods and services produced within the United States and is considered the best barometer of the country's economic health.
'The economy is scraping along close to the bottom but it is still afloat,' said Lynn Reaser, chief economist at Bank of America's Investment Strategies Group".