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Discussion in 'Credit Talk' started by AnnMarie, May 15, 2001.
I read it's the lowest in 7 years...can't complain about that!
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I am laughing out loud here...
Mr. Miller lowered me to a 13.9% variable Cap One gold card apr. in March. When the bill arrived in April, the apr was reduced to 12.3% due to the fed. Now my apr. should drop again.
My credit history is not suitable for Cap One "Platinum" yet but the apr. is close.
From what I read at some financial website, mortgage rates tend to go lower right before an interest rate reduction (FOMC) and tend to rise somewhat a short time after the cut. In otherwords, lenders don't always pass along all the savings or take their time doing it. I am sure you are suprized at this. Not.
You are correct with this, the mortgage rates jumped up this past Friday, not a happy camper here
Yeah, I just hope my credit will improve enough to get a mortgage before rates rise again!
Friday rates were all over the place and higher.
The part your not taking into account is that with interest rates so low it may be perceived as being inflationary and mortgage rates may end up going higher while prime goes down.
Actually, rising inflation is a given since another Bush is in office now. Of course he will blame Bill Clinton for it. Haha.
NEW YORK (Reuters) - The Federal Reserve's half percentage point interest rate cut on Tuesday is not expected to push mortgage rates back under 7 percent to lows last seen in January, but lenders are bracing for a surge in home buyer interest.
Interesting. My 15.9% variable rate Mr. Miller gave me on my Capital One card is based on LIBOR, not US prime rate.
I guess that means you hadn't locked in at the lower rate? Did you lock in this time? I thought I saw a small increase in the rates. LUCKILY. we are going with an equity loan and the local bank here DROPPED that rate to 7.49 from 7.99!
Sorry for you! Good for me!
One of the things that folks have to be careful about is that the Feds are cutting "short term" interest rates, great for CCs, home equity loans, etc but not necessarily a reduction in 30 year mortgage rates. It usually takes about 4-6 months from when the rate cut happens to when "we" can actually see changes in mortgage rates. Those who have 15yr mortgages usually see a change faster.
Another "new" member adding...
Very true Hurricane. The reason mortgages don't always change with the Fed cuts is because long term interest are not affected by this changes, but by the demand in the bond markets.
It's really sad though...mortgage rates have fallen 2% since last summer, from 9 to about 7, but CD rates have fallen nearly 4%, from 7 to almost 3. Again, this crappy government of ours puts into motion events where the banks reward you only when you're borrowing money, never when you're trying to save. It's ridiculous...as for me, I have fixed APR on my credit cards, so I'm not seeing any change AT ALL!!! Again, absolutely ridiculous.
Even fix rates have come down. If you want to save, CreditWorks offers a great plan. We have been paying over 19% APR to all of our members since 1996.