Report: Financial Sector ‘Rooting’ for Mortgage Rate Hikes
As mortgage interest rates continue to remain at historic lows, potential homebuyers are loving it and the financial sector is hating it.
“There’s virtually nothing in the financial services area that’s benefiting from continued lower and lower rates,” Barclays CEO Bob Diamond said at the Milken Conference in Los Angeles on Monday. “[We are] rooting for higher rates.”
Moreover, depending which side of the coin you’re on, you’ll either be pleased or disappointed to hear that experts do not believe a move to higher interest rates will happen “quickly.”