Posted by ME/NJ on 2/11/08 11:29am
Msg #234922

Thought lower interest rates would help

Guess again, it will help banks for sure. BOA said it will raise its rates on credit cards, watch for others to follow. I read a report that auto loans and short term rates will go up rather then down now.

Looks like banks are finding ways to make up for the huge Sub Prime crunch. So shop around for the best rate if you plan on buying soon.

Reply by Linda_H/FL on 2/11/08 12:17pm
Msg #234930

Just talked to my mortgage guy today about that

as we're looking to refinance - he said short-term rates (credit cards, equity lines, etc) will see the difference - his equity line just dropped from high 7's to lower 6's...conventional mortgages rates are still up there..

Reply by Dorothy_MI on 2/11/08 1:05pm
Msg #234944

Re: Just talked to my mortgage guy today about that

I've done several in the past week or so - 30 year fixed for UNDER 6%.

Reply by Pat/IL on 2/11/08 1:15pm
Msg #234945

Re: Just talked to my mortgage guy today about that

Long term rates are tied more closely to the 10 year treasury bond yield. 30 and 15 year rates are still very low. We have seen a spike in refinances to fixed rate.

Reply by Cari on 2/11/08 2:14pm
Msg #234955

refi closing increase...

My last five closings were refi's, rates varying 6 to 7 1/4 rates...

Reply by Joan Bergstrom on 2/12/08 1:09am
Msg #235002

Re: refi closing increase...

The last 5 loans I have done were all under 6% for 30 year fixed.

I got 6 calls today (did 2 and wish all loans were for these amounts....... $150 & $250) and I got 12 calls last week.

I think the new low interest rate is starting to take hold and we should all be getting more loans.