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Post by swanberg22 on Feb 29, 2008 23:32:16 GMT -5
Hi everybody. I thought I would test out this poll function with an ever present hot topic on Wall Street these days! Let me know what you think! The FOMC meets again March 18th. I'll summarize results then and see how smart we are.
- Peter
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Post by Ben Dinsmore on Mar 1, 2008 23:31:58 GMT -5
I hope they drop it! I should of jumped on the 5% 15 year fixed rate that my bank offered, now it's back up to 5.7%!! Come on Benny B!
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Post by swanberg22 on Mar 18, 2008 19:47:49 GMT -5
Well Ben, we predicted their emergency rate cut, but WOW!!! Another 75 basis points!!! It helped boost the stock market today, but we'll see if it helps the overall economy in the long run??
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Post by Ben Dinsmore on Mar 19, 2008 9:34:30 GMT -5
I must say we are pretty "Fart Smellas", I'm calling my bank tomorrow and see where the 15 year fixed rates are right now (no points). Any idea where Bar Harbor Bank is on 15 year rates right now?
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Post by swanberg22 on Mar 19, 2008 19:42:15 GMT -5
Real Smelly! I didn't even include 3/4 % as an option.
I just wanted to clarify on the emergency rate cut. It was the discount rate which was cut on Sunday. This is the "overnight" rate banks pay to borrow money from the fed if they don't have enough liquidity at the end of the day to meet minimum reserve amounts, and they are unable to borrow from another institution.
The 75 basis point cut is the fed funds rate which most banks base their prime lending rate on.
Unfortunately fed funds rate cuts don't necessarily mean lower fixed mortgage rates. They are usually based off the 10 year treasury note rate. The rate cut certainly helps with many ARM loans and variable rate home equities though, which are often times tied to prime.
You can get personalized rate & fee qoutes on their website!
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