The word is that it may go down to 4.5%, when that happens - refi.
Reuters: Record low mortgage rates toss housing a lifeline
The average 30-year U.S. mortgage fell more than 1/4 point in the week ended December 18, to 5.19 percent, the lowest since Freddie Mac started its weekly survey 37 years ago.
It was the seventh straight weekly decline and brought rates down from about 6-1/2 percent in October.
6 comments:
Too little far too late for many. Low rates, hell 1% Mortgs. won't do much for millions without jobs will they?
Hard to say. Let's say cutting your rate by 1% frees up about $100 a month. That could translate into either more savings or more spending like on home projects. I think anything that gets more money into the hands of people that are getting by could help stimulate some business. Its trickle across. I think the idea is to get something - anything happening with housing.
The people that are sunk or with negative mortgages or will be getting laid off, this doesn't help them much, but I would suspect there would be a small percent that might benefit indirectly.
Lower rates are just part of the general deflation happening. The problem isn't rates it's employment. Same problem we had in 30-39. The same problem we will now have for the next decade.
Sobering analysis GK. Could it be that 8 years of invading Iraq and no other agenda except centralizing more power, diminishing democratic rights, and installing maximum paranoia, has left the country fatally wounded.
Bush is the opposite of Obama, Bush is an imagination destroyer. This is where Obama might actually speed up the process of a recovery. He is keen on the intellect, imagination, and possibility. He is a positive influence. We are in a depressed state right now, the whole country is, everyday the country has had a toxic dose of wing-nuttery, and this is where Bush does his business best. We shall see. Hopefully we will have a good view. We will watch the whole thing sink or see what parts float.
From the Tibetan Buddhist perspective we are not even close to a time of annihilation. If that's any consolation.
The Mayan calendars point too Dec. 21st 2012 as the date the present age ends. I guess we'll see? As for BV$H , yes his people believe in providing the winners MORE and MORE and MORE. His religious core believes in the concept of "the saved." They don't believe in good works as a road too salvation. You can be the most rotten evil MOFO that's ok as long as you've been born part of the saved. Sounds more like the old Hindu caste idea if u ask me. Anyway, BV$H delivered for the top caste or the saved or the rich , elite , wealthy whatever. He's a HERO to them. But for the rest of our country he delivered another possible Great Depression. Look few remember, but Deflation was a wonderful thing if u had lots of cash! The rich during the great Depression got much richer as things deflated. The Great Depression from the perspective of Morgan and the big bankers of the that age was it was a GOOD thing. They saw it as a fire that would burn the economy clean of all the LOSERS. Well, we've returned to a large extent to a what I call a roller coaster ride economy others call it a feast or famine economy. The thing about such a economy is this it provides those with great wealth the ability to make huge amounts on the inflation side and then spend it on the deflation side. They win BIG on the up and the down. The rest of the population however gets ruined because they don't have the $$ to get on the ride. They see their savings vanish as the economy inflates and they see their jobs go away as it deflates. Gov't is supposed to in our view provide stability. If Obama can slow down the crazy gyrations now ripping through he system that will be a start. Once he can stop the spasms in our collective gut and restore some confidence too the system then people will crawl out of their houses and maybe spend again , if they have anything left.
excellent - you should consider posting it to chimp.
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