Updated 08/22/2024
Earlier this year I suggested interest rates could come down .5% to 1% this year. Well they were in the mid 6’s now, down from the low 7’s earlier this year and I think they’ll move a touch lower between now and election time. Isn’t it amazing how it’s interest rates and gas prices often look better around election time. I’m keeping my fingers crossed. Click Here To See Current Interest Rates
Interest rates were raised by the Federal Reserve Bank “to slow the inflation” that was caused by the over lowering of interest rates by the Federal Reserve Bank over the previous few years. An even bigger factor is our over 30 trillion national debt. It seems inflation always follows national debt. Click here to See Government Borrowing In Real Time. You won’t believe your eyes!
For banks to stay in business, it’s likely, more creative loans will be returning. Low documentation (on income) qualifying loans, ARMs (adjustable-rate mortgages) that offer a discount for the first few years to help people qualify, 40 year mortgages and even interest only loans, may in part or all come back! (Just like the good old days of the early 2000’s)
If you have any questions, feel free to call me. Alex Schauffert 707 332 8301
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