Orlando Mortgage Blog

August 2nd! The market is basically holding it's breath to see what if anything the Wizards in DC will do about the debt ceiling. In the mean time Moody's gave notice that they're prepared to bump the country from it's long held AAA rating down to AA depending on the outcome. Russian roulette in the big leagues DC style. Moody doesn't even have to wait until August 2nd to make the change if they believe little relief is in the offing. If you haven't jumped on a low rate to this point, how much warning do you need to seriously think about it? The sirens are blasting and how many are listening? Rates are likely to jump if our rating is reduced...on new mortgages, existing HELOC's down at the bank and anything tied to prime, your revolving debt of any kind, business loans and on and on. The 10 year bond would certainly move from the extremely low 2.96% seen this morning. Anyone sitting on the fence should stop dozing now. Yes, I "believe" the powers that be will miraculously find the path in time but chicken is a dangerous pastime especially when played by children!