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Mortgage Rates Skyrocket on Tax Cut Compromise

December 10, 2010

This week was bad for rates, really bad. If you are not in the industry, it is impossible to describe what happens when you see rate increases like we saw this week, so I will once again defer to history to illustrate what occurred.

“It’s fire and it’s crashing! It’s crashing terrible! Oh, my! Get out of the way, please! It’s burning, bursting into flames and is falling on the mooring mast, and all the folks agree that this is terrible. This is the worst of the worst catastrophes in the world! Oh, it’s crashing…oh, four or five hundred feet into the sky, and it’s a terrific crash, ladies and gentlemen. There’s smoke, and there’s flames, now, and the frame is crashing to the ground, not quite to the mooring mast…Oh, the humanity” (See the actual event.)

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