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An odd scene has been playing out lately in the offices of mortgage brokers and bankers around the country.
Mortgage rates have sunk to levels not seen in more than a half-century -- a seductive 4.58 percent for an average 30-year fixed loan. Yet brokers and lenders report not a flood but a trickle of customers.
So what's going on?
Call it a tale of the haves and have-nots.
Originally posted by antonia
reply to post by Blanca Rose
They say credit-card numbers got better too, but not for any good reason though. This reminds me of a last year when balances declined but only because of write offs.
I have a twofold opinion about this. Everyone blames the banks. Yeah, they were giving money to people they shouldn't have given it to in any normal circumstance. Then you have the people who took these loans. They should have done their research. So we've got two wrongs, no rights here. They you have Wall Street who was happy to perpetuate the myths and make money off of everyone knowing the bubble would burst. Such a mess.
Originally posted by pikypiky
No one cares about lower mortgage rates because no jobs means no income and therefore one can not be qualified to buy a house.
Simply, don't buy ANYTHING if you can NOT afford to pay.
Besides, only the wealthiest people can put large down-payments in cold hard cash. Who has that much cash on hand?
Also, the banks own the house. So what's the use of putting large amounts of your hard earn CASH into something like a house mortgage? It's like paying a large rent for all we know!
[edit on 2010-7-03 by pikypiky]
I too am in the military and until I retire, I will not purchase a home as I see no benefit to it. I will simply rent and let someone else worry about the details.