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1 maybe im missing something, lol on Fri May 02, 2008 8:25 pm

rosco 357

i keep hearing about ppl buying houses, i did here its a buyers market as i guess prices of realestate is down. but i dont understand the interest rate hoopla, except maybe its harder to get a loan as they are tougher on ppl. who want loans. but i thought i read on AOL news welcome page, 30 year fixed mortgage was just over 6 percent and some tenths. i have never got a mortgage, as the 2 houses i bought, and sold one of them in the 70s , i sold the first one, i had bought an equity, and took up payments on both. but my interest rate then was 8.75 percent, on the house im in now.i paid extra principle to shorten the loan. so 6 something percent seem ok to me.. but i will admit, CD interest rates ain't chit, lol, where is jimmy carter when u need him lol. now that man had the cd rates in double digits, my dad worshiped that man, lol.take care.
i do realize in the carter years like car interest rates were high, but where i worked we got cost of living raises every 3 months,based on inflation rate, and inflation was what double digit also. so that is where we built our hourly pay rate way up,, and we just got it in our union contract just before the inflation took off back then,, but again house rates now dont seem bad to me.

2 Re: maybe im missing something, lol on Sat May 03, 2008 11:10 am


6 something per cent sounds payable, depending on the height of your loan.
I pay 4,25 percent myself (5 year fixed and two yeart to go, before it will be adjusted)
As far as I understood, the insolvent ones got into trouble; the suckers, who should not have bought a house in the first place.
No fixed rate, starting with a very low one and then out of the blue being confronted with percentages like 18 or so.
If you don t read the small letters, you ll be in trouble sooner or later, especially if the house was financed for the full 100 per cent, which is forbidden here btw.
Now about Carter: he seems a nice guy, but was second-worst as being a president. I wish I had bought dollars in his time and sold them during Reagans presidency.
When Carter was president the dollar cost us 1,88 guilders and soon after Reagans inauguration 3,88 !

3 Re: maybe im missing something, lol on Sat May 03, 2008 1:56 pm

rosco 357

thanks for those thoughts Mays, i know i used President Carters name ,, but actually, i have always thought or wondered, if the President actually has that much effect on economics, or does economics runs in cycles, whoever is in the oval office, and the feds, set rates, and suspose to be independent from any other political source,
i never knew or heard what adjustable interest rates were in say the last couple or so years.. or to what point they fluctuated to. i thought all interest were down, that is why all the forclosures took me by surprise. i figured if cd rates were low,any mortgage rate would be low also,
i though i heard on the news, that some now are blaming Alan Greenspan.. but i dont know enough details to go any farther on that,,,take care

4 Re: maybe im missing something, lol on Sat May 03, 2008 4:13 pm


Hi, Rosco, you wrote: i figured if cd rates were low,any mortgage rate would be low also.
Well, thats where you go wrong :-)
If the Fed lowers it s rate, the banks can borrow money cheaper, but that does not mean ordinary people will get lower rates.

5 Re: maybe im missing something, lol on Sat May 03, 2008 8:42 pm

rosco 357

well yes actually i knew the fed rate is what banks can borrow from each other, i think,

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