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Discussion in 'Credit Talk' started by VJ, Nov 6, 2001.
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I am aghast that we have hardly begun to see the benefits of these rate cuts in the consumer credit market.
Well you called that one right on the money
Why aren't credit card companies lowering the interest rates? The only change I have seen is Chase dropping their variable interest rates for their Platinum cardholders (I noticed this on my Mom's newest statement). Do you think my credit card vendors would drop the interest rate? Ha! Their excuse to me is that the interest rate is fixed and cannot be reduced. How much you want to bet that if interest rates start increasing my fixed interest rates will increase, too?
I'm worried that we are soon reaching the point where we can't go lower......what will happen then? Isn't the fed discount rate at 2% now?
I agree with you. Right now I think our economy is on the brink of recession. The interest rate continues to decrease, but people are not buying (especially the retail market) and manufacturing is down. The unemployment rate increased to 5.4% last month, a jump that hasn't taken place in over 20 years. What happens if the economy doesn't turn? Right now, I think we need to use common sense...pay down our debt, save a little, but still buy. If we hoard our money under the mattress we not only turn this economy into a deep recession, but we cost millions of people their livelihood/jobs.
When the rate is lowered a couple of my cards do come down and these 2 cards have all my debt. on them..I closed 2 discover card accounts and paid off providian but keeping them open seeing it is the oldest account at 38+ months...As far as Nextcard it is open at a $0 balance and will stay that way..My National City Gold card is ok but paying them off quickly too...My plan have 1 card a piece and that would be Citi-Bank!!!!!!!!!!
Does a Fed Rate cut have any affect on mortgage rates?
No mortgage rates are based on bonds, the fed rates are for short term loans.
I saw ~5.39% 30 years
My friend is paying 8.5% on his morgage for 30 years..He wants to refinance for 15 years at a better rate..Anyone have any info for me on this typ of stuff?
This is the Virginia/Hampton Roads rates I was quoted today for REFI of a 30 yr. Currenly at 8.875% with Wells Fargo - Orginal loan 9/92
I gave my loan number, remaining balance and someone will hopefull get back with me within 3 business days. The good news is according to the WF web site, no credit report or appraisal would be neccesary since I am already a mortage holder and am not asking to cover a second mortgage. Go to bankrate.com and check out the calculators. Tell your friend to call his mortgage company or look online to see what he can find out.
Remember that when you are refinancing, don't look at just the rate. You can only get the very lowest rate if you pay points and other up front fees. Paying points, is in effect, buying a lower rate over the long term. You have to do the math to see whether paying points to get a 1/4% rate reduction is going to be a wise move over the time you intend to keep the loan.
My upstairs neighbor is a mortgage broker and he's says that they are not expecting rates to bottom out until the Jan/Feb timeframe. Mortgage rates tend to be linked to the 10-year Treasury Bond. Rate cuts by the Fed do affect these rates, but not immediately. He's been up to his eyeballs in re-finances and hardly been writing any new construction mortgages or purchase money mortgages.
Welcome Back J. Edgar
Long time NO SEE
Thanx for the advice will let him know..
I currently have mortgage approved at 7%, conventional, 30 years, no points--I can buy down to a 6.5% rate for about 1850. Haven't called my mortgage broker, but over the past 2 months, rates have not seemed to drop drastically along with the Fed cuts. At least for conventional anyway.