Mortgage brokers, borrowers eye effect on interest rates Charlotte Observer
Charlotte-area mortgage brokers on Monday scanned the news and juggled calls from borrowers wondering whether interest rates would keep falling or start climbing.
Mortgage rates dipped to record lows last week - a rare bright spot for consumers in an anemic recovery - as the debt-ceiling debate ended and economic troubles persisted nationally and globally.
But new uncertainty surrounding the nation's downgraded credit rating and free-falling stock markets had some wondering whether those levels will hold.
"Interest rates are all about risk," said Keith Luedeman, chief executive of the Charlotte online mortgage lender Goodmortgage.com . "Generally, to take more risk, people want more return, which means a higher rate."
Rates fell to historic levels during the recession and have remained there as economic worries pushed investors toward the safety of U.S. Treasury securities. Interest rates began to climb on Friday as buzz about the Standard & Poor's credit downgrade spread, Luedeman said.
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