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Fed's Up!

[Photo of Kelly Potts from Maui Surfer Girls]

The Feds raised interest rates today, and the expectation is that they will continue to do so in teensy-weensy ittsy-bittsy increments for the next few months, according to CNNMoney. "With a $200,000 loan adjusting upward from 4 percent to 6 percent, the monthly bill would increase to about $1,200, from $955.". Expect heavy partying from mortgage brokers this long holiday weekend, ready to burst out with new fixed-rate mortgages, ARM's ripe for refi. Condo developers will be worrying the spread sheets as potential sales drop and construction costs continue to rise.
· Mortgage Rates Hit fresh Four Year High [CNNMoney]