Hurricane Katrina could prove to be the most financially crippling natural disaster ever seen in the US. Since the Hurricane hit Louisiana last week the impact on the economy has not yet been felt in mortgage interest rates. With all of the devastation caused by Katrina, it’s unlikely the economy will absorb the shock quickly. However, in the past our economy typically bounces back rather easily after a disaster like Katrina. The rebuilding that will take place in Louisiana in the wake of Hurricane Katrina will be very good for the economy. As for mortgage interest rates, it is likely that rates will continue to fall as the bad news for economy is reported. Once the economy gets back on track we may see mortgage interest rates resume their climb from earlier this summer.
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