FED dropping prime rate again

[HillbillyGeek]

Link to FED article
It looks like the FED will drop the prime rate again today, but the real question is whether or not mortgage brokers will pass the savings on to their customers. It really pisses me off to know that they are getting a 1+% (total) drop in the rate they pay, but won't help out the "little" people. Mortgage rates actually increased after the big 3/4% prime rate cut a couple of weeks ago! What's up with that? What happened to free market competition? This sounds like tacit collusion -- which is illegal, but difficult to prosecute.

[lskiles]

This sounds like tacit collusion

Now, HG, weuns is just simple fisherfolk. You is iguana haff to speak a little more simplelike.

[HillbillyGeek]

This sounds like tacit collusion

Now, HG, weuns is just simple fisherfolk. You is iguana haff to speak a little more simplelike.

From Dictionary.com:

Tacit
1. understood without being openly expressed]Collusion[/b]
1. a secret agreement, esp. for fraudulent or treacherous purposes; conspiracy.
2. Law. a secret understanding between two or more persons to gain something illegally, to defraud another of his or her rights, or to appear as adversaries though in agreement.

Translation: If it looks like a duck, walks like a duck, and quacks like a duck -- it's probably a duck. Average folks are getting screwed by the big banks, but I guess that's nothing new. The rich get richer while the poor get poorer...

[Marc Martyn]

Here you go "little Fella", sign this form and we will send you a plastic card with no payment, no interest until 2009 and double air miles that you get every time you use it:bounce: :thumleft:


Oh, and by the way, at the end of the introductory period, your interest rate will go to 21% and if you are late in your payment by 1 second past the due date, your new interest rate will be a mere 36%

[fishnislife]

It will take a couple months for things to level out. Give it time. It's still better than it has ever been. No complaining here.



fishnislife

[Gringo Pescador]

Hit up my loan mortgage guy last week - he could get me a 15 year at 5.125% or a 30 at 5.75% - not too bad...

[HillbillyGeek]

Hit up my loan mortgage guy last week - he could get me a 15 year at 5.125% or a 30 at 5.75% - not too bad...

You may want to shop around for a better rate. Bankrate.com lists 30-year mortgages @ 5.52%.

[Gringo Pescador]

Thanks - yeah, I've got a pretty low rate now - so I will need it to go down a little more before it makes sense for me to do anything anyway - always keeping my eyes open.