Tuesday, June 06, 2006

anyone INTERESTed?

One of the blogs I read is http://charmingjustcharming.blogspot.com and as Guyk explains, get ready for another hike in interest rates. Our wonderful gov't quacks think that this will solve everything. I for one couldn't disagree more. All this is going to do is get the old people to take their money out from under their matresses and bring it in to the bank. While you may think that as a banker I would like that, think again. Because it also means no one will be spending. No one will be buying houses or cars or anything else that needs financed. This country runs smoothly only when people spend money, not when they save it. So now is the time to refinance or lock in your adjustable rate mortgage or buy that new car. Don't wait or you'll be kicking yourself!


Blogger GUYK said...

Thanks for the link Sam. I am not a banker but I was the CEO of my small corporation for years. High interest rates didn't help me a bit..just slowed down business, made doing business more expensive, and generally cost me money that I had to make up by passing the cost on to the consumers. I am in the process of locing in a pretty decent variable to a fixed right now...and the varable will not take effect for another couple of years. I would rather lock in right now at a reasoable fixed than take the chance on a stagflation economy that will price me out of my home. I remeber the people who had varables in the late 70's and wound up with fifteen percent on their mortgages.

9:30 AM  
Blogger Sam said...

Thanks for stopping by, I hope to get this going strong in the next week or so.
My parents bought their first home in 1980 with an interest rate of 16 percent. Some of my earliest memories are of them griping over that very thing. I've been in my home for 8 years, and I dread the thought of what my next mortgage will be.

9:38 AM  
Blogger Rob Osborn said...

Thanks for letting me know about your blog, Sam. Welcome to one of the more interesting dark corners of the internet.

Two days ago i started thinking about trying to lock in the rate on my HELOC. Thanks for the kick in the butt.

10:29 AM  
Blogger kimw said...

At this rate, I'll never be able to afford to buy a house. Depressing. See? It's happening already. All those who might have bought a home at the current interest rate, won't now because it's getting too unaffordable. Stupid. You don't even have to be a banker to realize how stupid that is.

9:31 AM  

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