The Economic Crisis Is Driving Up Interest Rates

Credit markets are still tight LIBOR Rates have increased this week to 6.88% up from less than 2.6% a week ago. LIBOR Rates and other similar Rate Indexes are used in the banking markets for things like mortgages and Reverse Mortgages. Other loans like car loans will also trend upwards in cost as a result of these index rate increases.  All of these loans will cost more in the near future. Traditional mortgage loans will be more expensive if a customer can get one at all.  Reverse Mortgages are not Credit driven so qualifying is easier if a family has credit blemishes on their record.