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Released: July 30, 2011
Why you should lock in a mortgage rate now
Source: Sandra Block, USA TODAY
If you're considering buying a home or planning to refinance, here's some advice: lock in a mortgage rate. Now. Mortgage rates, which have been at historic lows for months, could shoot higher if lawmakers fail to reach an agreement to raise the debt ceiling by Tuesday, says Greg McBride, senior financial analyst for Bankrate.com. A government default would cause Treasury bond prices to plummet, and yields would rise. "Uncle Sam's borrowing rate is the baseline from which all consumer and business borrowing rates are determined," McBride says. "If Uncle Sam's costs go up, borrowing costs go up for everybody."Read Full Article: Why you should lock in a mortgage rate now
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