Posted AT 6:00 AM EST on 17/06/08
What to do about soaring mortgage rates
Even the big boys are stumped by the question of what to do about mortgage rates right now.
Fixed-rate mortgages at the big banks soared late last week by as much as 0.85 of a percentage point, which, by the usual standards of rate changes, is somewhere between really, really big and humungous. When was the last time we saw such a significant shift in mortgage rates? Oh, a little less than a month ago, when banks cut their rates by as much as 0.85 of a point.
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