Federal Reserve makes emergency rate cut
Slashed by 3/4ths of one percent. Time to start shopping for the best mortgage rates!:
http://www.msnbc.msn.com/id/22780489/
http://www.msnbc.msn.com/id/22780489/
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Think its a little late but we will see.....+ 0 -
quote:Originally posted by kimi
Slashed by 3/4ths of one percent. Time to start shopping for the best mortgage rates!:
http://www.msnbc.msn.com/id/22780489/
Keep your eye on the 10 bond market for a fair mortgage rate indicator.0 -
Not going to help the markets much but keep an eye on mortgage rates. My refi opportunities were at break even last week. It might take a little while for this rate drop to propagate into home loans. 0 -
I bought my current place in 2001 at a rate of 7.25%
That means I am 7 years into a 30 year mortgage.
Is it advantageous to drop my monthly payment a couple hundred dollars a month and the last 7 years paid into 30 year loan would be lost?
I plan on dieing in this house so I will be here for a long time.0 -
I hate the fact they cut the rate. It just makes the dollar weaker. A recession is coming, band aiding it with an interest drop only compounds the problem. 0 -
Let's see...gov't gives away and spends like insane drunken sailors....gov't borrows billions EVERY day from foreign nations...gov't prints a bunch of phony money out of thin air...the value of an individual dollar tanks....they print more phony money to "spur" things...each individual dollar is worth even less...they cut rates to get Mr and Mrs America to spend or invest some of the phony money, thus removing it from circulation, to artificially shore up the phony money...now that things are "stimulated" they print more phony money...........the shell game continues.
Pathetic.[:(!]
Without major change in gov't, we are going to fall as a free nation, period.
Anybody want to take the bet that the Fed Gov't changes its ways????0 -
lt496 quote:Without major change in gov't, we are going to fall as a free nation, period.
Like a Tower built out of a deck of cards.0 -
quote:Originally posted by MVP
I bought my current place in 2001 at a rate of 7.25%
That means I am 7 years into a 30 year mortgage.
Is it advantageous to drop my monthly payment a couple hundred dollars a month and the last 7 years paid into 30 year loan would be lost?
I plan on dieing in this house so I will be here for a long time.
You can refi today at 6.00%, possibly a little lower in coming weeks.
You would save $30,960 over the term of your loan by refinancing (based on $100,000 L/A). A refi would most likely make sense if you plan on staying in the house. Two additional Principle payments per year reduces your term by apprx. 9 years. On a $100,000 loan, that would be an additional $46.30 per month. Which would save you $64,692 in payments over 30 years.0 -
Dow Opens Down More Than 400
one more week of this crap and the recession will be over!!!0 -
BAck when I was growing up in East Texas I'd hear a lot about how the crooked politicians over in Louisiana would send people out to the rural areas and pay folks a couple of dollars to go vote for their candidate. They'd even provide transporation to town and then back home. Today, the people have presidents, or presidential candidates promising them money in the way of stimulas packages to shore up the economy if they vote for them. It's truly amazing to see how politicians mend the system. 0 -
Thanks sav99
I have been hesitant to refi because of the years I would lose but if it makes sense I am going to do it when the rates drop.
Possibly to a 15 year loan.0 -
quote:Originally posted by MVP
Thanks sav99
I have been hesitant to refi because of the years I would lose but if it makes sense I am going to do it when the rates drop.
Possibly to a 15 year loan.
If you want the "inside scoop" on how get the best deal on a new mortgage shoot me an e mail and I'll share a few secrets with you.0 -
If they wanted to really help the markets in the long run, curb inflation, and stop the dollar free fall they would raise the rates a lot. It is the only way to really solve the problem. Bernakke in my opinion is an idiot. 0 -
I'm begining to think the goal of the Fed Reserve is to make Savings Accounts obsolete...I remember the days of actually making a nice little profit off of the money in bank accounts.
So much for that [xx(]0 -
I'm not as naive to think a recession is coming. A depression is coming. It's going to be dime(s) to the dollar time. When you look at the US deficits, new ownership (foreign countries), fall of the dollar (there's the recession - been going on for a long time but it's been ignored) avalanche of dollars gushing out of the country - if you look at yesterday's foreign markets/stock exchanges, there's nobody out there who can/will want to bail us out ... it's nothing like it was in 1929 ... it's about 50 times worse!
... get ready to make some major lifestyle adjustments. If you haven't already, get your money out of stock market funds and put your money into money market funds, or gold.Switch into money market funds that compound interest DAILY - not monthly. Shop around for one year CD's.
[8D]
... do not keep your eyes and ears closed and hope that this will all go away - sadly, it's not going to.
Have a nice day.
[:D]0 -
quote:Originally posted by MVP
I bought my current place in 2001 at a rate of 7.25%
That means I am 7 years into a 30 year mortgage.
Is it advantageous to drop my monthly payment a couple hundred dollars a month and the last 7 years paid into 30 year loan would be lost?
I plan on dieing in this house so I will be here for a long time.
MVP refinance into a 15year. But don't be loyal to your bank go with who has the best rate and no or low points and closing fees. Often times banks will offer a low rate only to rake you over the coals with fees. But you probably know this.
Start looking now but wait a few weeks for lenders to set their new rates. The fed meets again the 29th and 30th this month and may cut rates again.
Back in 2001 just after 9-11 the fed made 2, 1/2 point cuts and I refinanced from a 30yr which I was 1 year into from 7.5% to a 15 yr at 5-7/8% for less than $1000 total cost. Saved my self $130,000 in interest plus I'll be able to retire much sooner.[:p]
Deals are out there if your patient.0 -
quote:Originally posted by zipperzap
... get ready to make some major lifestyle adjustments. If you haven't already, get your money out of stock market funds and put your money into money market funds, or gold.
Never put your money into an asset that the feds can (and will) seize in order to prop up U.S. currency0 -
www.whitehouse.gov/omb/budget/fy2008/pdf/budget/tables.pdf
The Federal Govt. says it made $1.1 Trillion last year in Federal Income Taxes on Americans.
Divide $1.1 Trillion by 300 million Americans (that figure counts illegals).
$3667 from every single American is what it would take to create that figure. 1 day old American.....pay up $3667.....100 year old.....pay the same.
There are more poor in this country than rich....I can't see how they actually got that $1.1 Trillion in income for Federal Income Taxes.
Either way....they better expect less for 2008.0 -
Looks like this rate cut has stopped the bleeding for today. Too bad it is a band aid in a tourniquet situation. 0 -
quote:Originally posted by Tartersauce
www.whitehouse.gov/omb/budget/fy2008/pdf/budget/tables.pdf
The Federal Govt. says it made $1.1 Trillion last year in Federal Income Taxes on Americans.
Divide $1.1 Trillion by 300 million Americans (that figure counts illegals).
$3667 from every single American is what it would take to create that figure. 1 day old American.....pay up $3667.....100 year old.....pay the same.
There are more poor in this country than rich....I can't see how they actually got that $1.1 Trillion in income for Federal Income Taxes.
Either way....they better expect less for 2008.
The $3667 is low cause we count those on welfare too.0 -
quote:Originally posted by elkoholic
Looks like this rate cut has stopped the bleeding for today. Too bad it is a band aid in a tourniquet situation.
It's a mess Elk. And you're right, this band aid will not stop the bleeding.
Heres a link to an interview with the U.S. Examiner General David Walker.
http://www.glennbeck.com/content/articles/article/196/4595/0 -
MVP-refinance your loan and get a better rate with a lower payment but still make your larger payment on the new loan. You will be amazed what this will do for you and you will pay it off earlier than your other loan due to the lower interest rate and reverse compounding on the extra principal payments. It's like magic. Run an amortization schedule on this scenerio and you will see what I am talking about. And if you get into a bind for a month you can always make the lower required payment. But, don't expect credit on future payments because you have made extra principal payments because your regular payment will still come due the next month. You will have to make sure they apply the extra to principal rather than the extra going to future payemnts. When you sign up you want to make sure the documents allow for extra principal payments without any penalties. Some documents do not allow for extra principal payments without a extra fee. These fees can be small or very substantial. Fine print, trick of the trade...........Old retired Banker...... 0 -
The government is the only one allowed an unlimited overdraft. Think about it. If you go below the line you go bankrupt but not the goverment. They just print more money! 0 -
You both are not counting corporation.
Dean
PS I still agree with you.
quote:Originally posted by Hunter Mag
quote:Originally posted by Tartersauce
www.whitehouse.gov/omb/budget/fy2008/pdf/budget/tables.pdf
The Federal Govt. says it made $1.1 Trillion last year in Federal Income Taxes on Americans.
Divide $1.1 Trillion by 300 million Americans (that figure counts illegals).
$3667 from every single American is what it would take to create that figure. 1 day old American.....pay up $3667.....100 year old.....pay the same.
There are more poor in this country than rich....I can't see how they actually got that $1.1 Trillion in income for Federal Income Taxes.
Either way....they better expect less for 2008.
The $3667 is low cause we count those on welfare too.0 -
quote:Bernakke in my opinion is an idiot.
Bernakke is an idiot! But the only way to fix the economy is to create jobs in America!!! The first step is to kick out the illegal aliens!!!! (Increase wages) Then the government needs to bring back tariffs!!!(Create Jobs)
Dean
quote:Originally posted by ladams
If they wanted to really help the markets in the long run, curb inflation, and stop the dollar free fall they would raise the rates a lot. It is the only way to really solve the problem. Bernakke in my opinion is an idiot.0 -
Amortization shedule calculator
http://www.webmath.com/amort.html
Bank rate for current bank rates in your area
http://www.bankrate.com/brm/rate/brm_mtgsearch.asp?product=1&refi=0&ec_id=brmint_brm_large_new_mpro_mtg_all0 -
Dean, that's a ggod enough platform for me, would you consider being our potus?[:D] Mind you, they will kill you when you try to do these things, but maybe you could get the ball rolling before they do???[;)] 0 -
JPW
I'm sure I'm already on Homeland Securitys list.[B)] I already do everything I can. The problem is lack of money![V]
Dean
quote:Originally posted by jpwolf
Dean, that's a ggod enough platform for me, would you consider being our potus?[:D] Mind you, they will kill you when you try to do these things, but maybe you could get the ball rolling before they do???[;)]0 -
quote:The problem is lack of money
Then part of their plan is working perfectly. Those that have it, don't want you to. They own the market, when the time is right, they will again plunder it as they have done in the past.0 -
makes me think of the final scene of THE PERFECT STORM 0
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