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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Updated: Interest Rates skyrocket
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Message edited 11/3/2005 10:31:22 AM.
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Posted 9/28/05 11:05 AM  |
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krashnburn
I am Batman!
Member since 5/05 4093 total posts
Name:
I'm Batman, I tell you!
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Re: Interest Rates are creeping up
I know! I'm so mad! If all my people had moved there a$$es even a week ago, I would have gotten 5.5%. Now it's 5.8% and I don't know if I should wait and see what happens or just lock it in now! AAGGHH!!!
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| Posted 9/28/05 11:07 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Interest Rates are creeping up
Posted by kra5hnburn
I know! I'm so mad! If all my people had moved there a$$es even a week ago, I would have gotten 5.5%. Now it's 5.8% and I don't know if I should wait and see what happens or just lock it in now! AAGGHH!!!
Honestly... I think we are at a "peak" right now thanks to the Fed increase. I am surprised it went up as high as it did. National average right now is at 5.39% (where two weeks ago it was under 5.3%).
I have a feeling its going to dip back down in a week or two. But my guess is as good as yours. It could continue to rise.
I figured I would just give everybody a heads up since this is something I check more or less every day.
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| Posted 9/28/05 11:22 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Interest Rates are creeping up
Here is a 3 month graph of the 30yr fixed rates. You can see what I mean by it "peaking out" right now. But who knows where it will go.
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| Posted 9/28/05 11:26 AM |
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krashnburn
I am Batman!
Member since 5/05 4093 total posts
Name:
I'm Batman, I tell you!
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Re: Interest Rates are creeping up
Everything I've been reading has said that it's going to go up--especially with the hurricanes and depending up on how bad the inflation gets. But how fast can it really go up? I'm thinking maybe you're right and it'll go down a bit--maybe not as low as it's been, but back down under 6% which is what my bank is at today. Ugh! I hate this part!
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| Posted 9/28/05 3:47 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Interest Rates are creeping up
Damm so your bank went from 5.5% to 6%? Thats rough.
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| Posted 9/28/05 4:05 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Interest Rates are creeping up
Rates are continuing to rise. Big spike in the last two days.
My mortgage broker is now up to 5.625%. He was at 5.375% last week.
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| Posted 10/5/05 6:06 PM |
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checka
She's here!
Member since 5/05 1769 total posts
Name:
Me
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Re: Interest Rates are creeping up - Big increase this week
This stinks. This week we can finally lock in a rate and they jumped up. I don't know if we should lock in now or wait a little to see if they go down.
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| Posted 10/5/05 8:07 PM |
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jandt2006
LIF Adult
Member since 8/05 1338 total posts
Name:
Teresa
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Re: Interest Rates are creeping up - Big increase this week
i dont' know what to do either, i mean we should be closing about january, but how do i know by next year things will be better!! 
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| Posted 10/5/05 10:46 PM |
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krashnburn
I am Batman!
Member since 5/05 4093 total posts
Name:
I'm Batman, I tell you!
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Re: Interest Rates are creeping up - Big increase this week
We locked in on Tuesday because everything I've found has indicated the rates will go up due to inflation from the hurricanes and the rise in fuel prices. To try to get a feel for what a disaster does to things, I went back and asked people their rates when they bought around septermber 11 cause that effected everyone and went right into the winter. It looks like between right after Sept 11 and the next February (so in 5 months) it went from about 6% to over 8%. At some point later it eventually creeped back down, but I don't think that's going to help anyone in the next couple of months (especially when I've been reading to expect a rise for the next 2 years). It's very stressful. I was getting and ulcer looking everyday and watching it go up. My bank (which is a large financial institution and I have no broker) went from 5.5% to 6.1% in the last 3 weeks or so.
But, as always, this is all based on speculation.
Message edited 10/6/2005 10:39:38 AM.
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| Posted 10/6/05 10:38 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Updated: Interest Rates - currently at a 6 month high
Rates are now at their 6 month high. The last time rates were this high was back in March.
I feel bad for anyone who has to lock in now or locked in this past week. Ugly Ugly Ugly.
And it could potentially get higher too.
Here is the 6 month chart.
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Message edited 10/12/2005 11:27:59 AM.
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| Posted 10/12/05 11:26 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Updated: Interest Rates - now at 1yr high
Rates are now at a 1yr high.
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Message edited 10/21/2005 11:09:24 AM.
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| Posted 10/21/05 11:05 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Updated: Interest Rates - now at 1yr high
Posted by DjPiLL
I feel bad for anyone who has to lock in now or locked in this past week. Ugly Ugly Ugly.
The rates are still pretty modest - you're talking as if rates are jumping whole precentage points daily.
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| Posted 10/21/05 11:28 AM |
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november12003
Love my boys...
Member since 5/05 2412 total posts
Name:
Jenn
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Re: Updated: Interest Rates - now at 1yr high
My bank's at 6.375%!!!!!! I'm just praying there will be some relief before we lock in
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| Posted 10/21/05 12:16 PM |
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KaRiSsA
~*~*~*~*~*~*~
Member since 5/05 4646 total posts
Name:
KARISSA
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Re: Updated: Interest Rates - now at 1yr high
Posted by Colleen9304
Posted by DjPiLL
I feel bad for anyone who has to lock in now or locked in this past week. Ugly Ugly Ugly.
The rates are still pretty modest - you're talking as if rates are jumping whole precentage points daily.
I agree. The rates are still relatively low. They have gone up a little but nothing crazy.
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| Posted 10/21/05 12:23 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Updated: Interest Rates - now at 1yr high
Posted by KaRiSsA
Posted by Colleen9304
Posted by DjPiLL
I feel bad for anyone who has to lock in now or locked in this past week. Ugly Ugly Ugly.
The rates are still pretty modest - you're talking as if rates are jumping whole precentage points daily.
I agree. The rates are still relatively low. They have gone up a little but nothing crazy.
This all depends on your definition of relative. If you mean relative... by relative to history of interest rates for the past 5 years... then yeah rates are still low.
But when you consider relative to today's standards... rates are very high right now.
Remember that these numbers on the chart are for the NATIONAL AVERAGE. You are looking at an average interest rate for THOUSANDS of different bank branches and brokers.
For a national average to up... even .05%... that would mean a good amount of brokers and banks would have to increase their rates by a good .25% or more to reflect a .05% national average change.
Look at this example. Lets say the national average of a 6th grader's state-wide math exam is 75%. If the goal of the state is to improve the AVERAGE to 80%... do you think a small percentage of students need to score 80% to reach this? Not happening. That same small percentage of students would have to hit scores of 90% or above to make a dent in the national average that big.
But regardless... this thread is more for informative purposes only... not really to debate what some people consider "high".
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| Posted 10/21/05 12:34 PM |
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wilandnet
LIF Infant
Member since 9/05 224 total posts
Name:
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Re: Updated: Interest Rates - now at 1yr high
Posted by DjPiLL
Posted by KaRiSsA
Posted by Colleen9304
Posted by DjPiLL
I feel bad for anyone who has to lock in now or locked in this past week. Ugly Ugly Ugly.
The rates are still pretty modest - you're talking as if rates are jumping whole precentage points daily.
I agree. The rates are still relatively low. They have gone up a little but nothing crazy.
This all depends on your definition of relative. If you mean relative... by relative to history of interest rates for the past 5 years... then yeah rates are still low.
But when you consider relative to today's standards... rates are very high right now.
Remember that these numbers on the chart are for the NATIONAL AVERAGE. You are looking at an average interest rate for THOUSANDS of different bank branches and brokers.
For a national average to up... even .05%... that would mean a good amount of brokers and banks would have to increase their rates by a good .25% or more to reflect a .05% national average change.
Look at this example. Lets say the national average of a 6th grader's state-wide math exam is 75%. If the goal of the state is to improve the AVERAGE to 80%... do you think a small percentage of students need to score 80% to reach this? Not happening. That same small percentage of students would have to hit scores of 90% or above to make a dent in the national average that big.
But regardless... this thread is more for informative purposes only... not really to debate what some people consider "high".
Using your example, the small group of student don't have to hit 90%. If every student rasied their score by 5% it would increase by 5%.
From the banks that I am looking at, I think this is more of the pattern that I am seeing. I haven't seen any making huge leaps in their interest rates. Yes I do see them rising, but they are all moving forward at a pretty consistent pace, at least where I am looking. I still think that these rates are pretty good.
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| Posted 10/21/05 1:06 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Updated: Interest Rates - now at 1yr high
Posted by DjPiLL
Look at this example. Lets say the national average of a 6th grader's state-wide math exam is 75%. If the goal of the state is to improve the AVERAGE to 80%... do you think a small percentage of students need to score 80% to reach this? Not happening. That same small percentage of students would have to hit scores of 90% or above to make a dent in the national average that big.
But regardless... this thread is more for informative purposes only... not really to debate what some people consider "high".
I get what you're saying - however your analogy doesn't equate.
It wasn't my intention to debate - you stated your opinion...I stated that I disagreed - and that opinion is based on the opinion of industry experts.  Regardless of whether the rates are rising they are, in fact, still modest. Your post sounded hysterical, imo.
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| Posted 10/22/05 8:01 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Updated: Interest Rates - now at 1yr high
Posted by Colleen9304
Regardless of whether the rates are rising they are, in fact, still modest.
Let me ask this.... what do you consider "modest rates". And more importantly... how high do the rates have to rise for you for them to be "no longer modest".
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| Posted 10/22/05 9:47 PM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: Updated: Interest Rates - now at 1yr high
Not to jump in, but I do think they are still modest.
My mom is paying 7.5% interest on her mortgage from four years ago...down from 9 when she first bought the house 9 years ago.
My friend was paying 11% before she refinanced last year for 5.5% and she bought in 1988.
It's all relative, the rates have been really low for a few years and now they are climbing again. I don't think we will ever see the high rates of the 80's but then again, you can never say never.
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| Posted 10/23/05 8:48 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Updated: Interest Rates - now at 1yr high
Posted by DjPiLL
Posted by Colleen9304
Regardless of whether the rates are rising they are, in fact, still modest.
Let me ask this.... what do you consider "modest rates". And more importantly... how high do the rates have to rise for you for them to be "no longer modest".
I consider the current rates, modest.
Let us not forget (your subject line is misleading) rates hit over 6% in March...that is WITHIN the year. They then went down to record lows. If this has taught us anything, it is that we can't predict a thing.
Rates going above 7.99% are no longer modest in my book...however they would still be considered RELATIVELY low based on history.
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| Posted 10/24/05 11:30 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Updated: Interest Rates skyrocket
Posted by Colleen9304
Let us not forget (your subject line is misleading) rates hit over 6% in March...that is WITHIN the year.
Linkified
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| Posted 11/3/05 10:32 AM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: Updated: Interest Rates skyrocket
PiLL..you're needed on the NFR board - one word: PLASMA!! 
oops..i meant on the Not Family Related board!
Message edited 11/3/2005 10:42:35 AM.
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| Posted 11/3/05 10:36 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Updated: Interest Rates skyrocket
Mortgage rates are still in the parameters of historical lows...The link provides charts
Historical Mortgage Rates
Look at the last chart - we are still at 40 lows.
Message edited 11/3/2005 11:13:18 AM.
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| Posted 11/3/05 11:12 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Updated: Interest Rates skyrocket
Posted by shamrock12472
Mortgage rates are still in the parameters of historical lows...The link provides charts
Historical Mortgage Rates
Look at the last chart - we are still at 40 lows.
And considering that I wasn't even born 40 years ago... nor have I had a full-time job even 10 years ago... what happened in 1965 is kinda moot if you ask me.
We all used to be able to go see a movie for 5 cents. Does this mean the price of movie tickets are at a 200 year high?
I personally care whats going on NOW.... not what went out 40 years ago.
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| Posted 11/3/05 11:43 AM |
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