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| June 3, 2009: Stagflation clouds on the horizon... |
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A sharp rise in United States mortgage rates last week left homeowners worried about the government's ability to revive the housing market as a means to economic recovery. For example, the weekly average rate quoted to brokers (according to Zillow Mortgage Marketplace) for a 30-year fixed mortgages, increased by 23 basis points, from 5.02% to 5.25%.
Although average rates dropped a tad this week, the upward trend in mortgage interest rates should be watched closely as a potential precursor to post-recession inflationary tidings that could send the economy into stagflation. Higher mortgage rates could hinder a nascent rebound in housing this year. Government Motors (GM) commonly known as "General Motors" is in ICU and slated for more emergency surgery to amputate several product lines and sales outlets. Concurrently, Government Motors also has to deal with pressure to produce fuel efficient and more environmentally friendly chariots with likely higher costs of production being passed on to consumers in sticker prices. Graveling presidential platitudes to mid-eastern oil sheikhdoms are not likely to result in a lessening of greed by oil producers nor to lower fuel prices, further adding to the double edged sword of economic stagflation. E.&O.E. |
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