Rates down slightly... but last week set highest since Nov 2008

Rates last week hit the highest since November 2008. We were all pretty spoiled in the mid-high 4's. And when rates shot up to from 4.75 to 5.75 in a day-panic ensued, (2 weeks ago). But were down a little today. Basic Economics tells us that too much supply of Mortgage Backed Securities and not enough demand from buyers will cause this....The government says that they will be buying more MBS in order to keep rates low...time will tell. But-don't forget-that historically, low to mid 5's is still really low.


Dave