Real Estate Rates Increase Overnight

Long-term 30-year fixed mortgage rates rose Thursday to 5.75% and the 15-year fixed rate increased to 5.27 percent. This means Banks are not doing what the Feds had intended by lowering the federal reserve rates which was to pass the savings on to consumers by lower mortgage rates. The idea was that lower consumer rates would in turn help keep are ecomony floating above the recessionary line. However, banks have used the lower reserve rates to increase there liquidity and are not passing any discounts along to the consumers.