Bank Rates dropped at all?

[jetjoe99]

Anyone know if rates have dropped at all? Going to check local banks...

[n2ratfishin]

Local credit union. is advertising 6.99% for 72 months and 7.99% for 120 months. If you need to go longer then it's 8.99%.

[jetjoe99]

Seems like nothing has changed in the past year.

[JJohnSind]

It’s more complicated than just the Federal funds rate. I wouldn’t expect much change in the consumer rates without a significant change in demand, economy and inflation. Individually, prime borrowers are going to see lower rates much sooner than the average borrower. We’re just in different times, for now.

[jetjoe99]

What I have heard. Have heard the 2-5% norm is long gone until we get this deficit, international conflicts, etc all under control. Expect 6-10% for the near future. I was watching a Jimmie Carter episode on TV and in the 70's and 80' people were praying for 10% rates!!!!!

[printman71]

Only on my CDs as they need to be renewed.
Speaking of Carter, purchased my first house when he was President, 30 year fixed at 11.25%.

[JJohnSind]

Only on my CDs as they need to be renewed.
Speaking of Carter, purchased my first hours when he was President, 30 year fixed at 11.25%.

You must have been one of the lucky ones. I've always heard about the 18% mortgages under his presidency.

[n2ratfishin]

What I have heard. Have heard the 2-5% norm is long gone until we get this deficit, international conflicts, etc all under control. Expect 6-10% for the near future. I was watching a Jimmie Carter episode on TV and in the 70's and 80' people were praying for 10% rates!!!!!

Bought my first house in 1986 and indeed was thrilled with a 10% mortgage.

[BMCD]

Only on my CDs as they need to be renewed.
Speaking of Carter, purchased my first house when he was President, 30 year fixed at 11.25%.

seems very low for that era. That was basically a free home back than. Course high interest rates started happening during his admin.

[bass.man65]

10 or 11% on $50,000 is a lot different than 10 or 11 on $500,000 low interest rates are the only way some can afford a mortgage.

[Bassmastermatt16]

Just because you were happy with crap rates back in the day, doesn't mean our country should settle for that poor economic performance going forward. We are obviously capable of a much better economy and much lower rates.

[davidsa]

Bought my first house in 1986 and indeed was thrilled with a 10% mortgage.

1990 home loan- 9.625 three year arm

[davidsa]

Just because you were happy with crap rates back in the day, doesn't mean our country should settle for that poor economic performance going forward. We are obviously capable of a much better economy and much lower rates.

it is unclear what a good long term average rate is or is not. Homeloans as we know them today have only been around for 40+ years and the rates have changed dramatically with the 1970's being horrible. If I had to guess, I would think 7% give or take is the 40 to 50 year average. When rates get super low like say the last 10 years or so, it hurts seniors who depend on mostly fixed income sources such as CD's and can't risk much money in equities. So nearly free money for some hurts others. I don't think it is as simple as just crap rates.

somehow in all this, those that finance the massive debt of the US are saying no to very low returns and this is somehow not letting the rate cuts trickle down. I don't study short, mid and long term yield curves enough to attempt explanation.

[apdriver]

If you recall, during Obama years the economy was in the sheeter and they started a program they called quantitative easing. The fed lowered interest rates to almost nothing. Oh the free money was good. They also started work projects all around the country. Don’t you remember all the signs? Afterwards Covid came along with all the free stuff. Dang money growing on trees. Now what do we have? Rampant inflation. Interest rates were never meant to be 1%, 2%. That’s why the fed is playing with them. Trying to find that happy medium. Also, lenders want a decent ROI to let you use their money. Been that way forever. No such thing as free money.

[davidsa]

If you recall, during Obama years the economy was in the sheeter and they started a program they called quantitative easing. The fed lowered interest rates to almost nothing. Oh the free money was good. They also started work projects all around the country. Don’t you remember all the signs? Afterwards Covid came along with all the free stuff. Dang money growing on trees. Now what do we have? Rampant inflation. Interest rates were never meant to be 1%, 2%. That’s why the fed is playing with them. Trying to find that happy medium. Also, lenders want a decent ROI to let you use their money. Been that way forever. No such thing as free money.

Interest rates below inflation rates is massive manipulation of the money markets to the damage to anyone on fixed income. Mostly our true seniors of 70+.

[lugbolt]

mortgage is different than simple loan interest. Keep that in mind

auto loans are easier to approve than boat loans. Or any other "toy" loans.

Buy with cash if you can and avoid the whole mess. If not, put as much down as possible and pay it off quickly.

[Okie Poke]

Don't believe enough to matter. All I know when I checked my 401K yesterday, it made me depressed. I know, it'll come back. But hurry frickin' up!

[Highcentered]

mortgage is different than simple loan interest. Keep that in mind

auto loans are easier to approve than boat loans. Or any other "toy" loans.

Buy with cash if you can and avoid the whole mess. If not, put as much down as possible and pay it off quickly.

This in a nutshell. My boat is financed at the highest rate I've ever financed at but had a huge down payment and plan to pay it off fast. That's why I bought what I did and not something nicer/faster. Stable platform to fish out of with good storage that's fast enough for me and nothing more.

[basser38]

Don't believe enough to matter. All I know when I checked my 401K yesterday, it made me depressed. I know, it'll come back. But hurry frickin' up!

S&p ,dow and nasdq are just off record highs....your 401k.should be doing good..I know mine is.. been moving to saftey since late nov..things have gotten unstable.

[PatriotAW4]

Hopefully the interest rates stay high, I earn more on my savings account and CDs that way.