Don't panic. Mortgage rates are rising but maybe it won't turn out to be such a disaster after all. Mark Savitt, who runs a small brokerage in West Virginia, said the rate move is actually driving some consumers to buy a house because they fear rates have already hit bottom and could go even higher. This morning, Savitt was offering a 30-year conventional FRM at 5.25% and no points. The former president of the National Association of Mortgage Brokers also said he is seeing more buyers walk away from REO and short sales because it takes too long to get those deals done because banks are dragging their feet and being unresponsive…
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