Arizona Mortgage Rates for October 10, 2008
Mortgage Related News For The Week
I learned something from my now 82-year-old grandfather on the golf course a few years ago. He made his living being a farmer and had a high school education. We were talking about how he had recently found himself in a golf tournament paired with three heart surgeons.
His advice?
“If you ever find yourself paired up with a bunch of smart people and you have no idea what they are talking about, the first thing to do is shut-up. No use opening your mouth and showing people you have no idea what you are talking about.”
Here are just a few of this week’s headlines that are impacting the mortgage market in some way:
The Treasury may soon be buying ownership stakes in banks
The Fed starts buying (an unlimited amount of) commercial paper
More than once this week, I was asked the question:
“So what does all of this stuff in the news mean for interest rates?”
My reply each time?
“Well, one of three things can happen: They can go up, they can go down or they can stay the same.”
I should have taken my grandfathers advice and kept my mouth shut.
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