Mortgage rate races toward 8% after hitting a high not seen since late 2000

submitted by P-38lightning from (cnbc.com)

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newinsightfulfun

[–]GuyWhite 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

But the good news is CDs are paying 5.5% (+/-).

[–]Dontcaretoday 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

So depressing that it just keeps getting worse.

[–]Tom_Bombadil 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

They're going to keep them (interest rates) high, until something breaks.

It's almost over for the dollar.

They'll drop the rates after the system breaks, but the banks will be too afraid to lend with the lowered rates.