"After hitting a peak of 6.51% in July last year, the average rate for a US 30-year mortgage declined markedly. ... Also, the lower interest rates aren't being passed on to consumers, as seen from the 414 basis-point spread of the 30-year mortgage rate compared with the 3-month dollar LIBOR rate. According to Bloomberg, this spread averaged 97 basis points during the 12 months preceding the crisis." So, while other rates dropped, home loan rates did not drop as much. What is "as much?" 3.17% according to Bloomberg.
-Credit Crisis Watch: Has the Tide Turned? Prieur Du Plessis May 19, 2009 Minyanville
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