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Here comes the Interest Rate Hike Monster.

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Here comes the Interest Rate Hike Monster.

Postby awwchrist » Tue May 23, 2006 3:02 pm

I'm sure those of you with outstanding Stafford loans can attest, you've been bombarded with requests to refinance before the June 30th rate hike.

Those of you looking to purchase a home in the immediate near future (where this issue lands on my doorstep) should also see a forthcoming interest rate hike.

Just an fyi to get the ball rolling. The difference between 6.5 and a worst case scenario 8.5 % over a 30-year fixed (not to mention your P&I monthly payment) is absolutely nut-shriveling.
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Postby mysticphysh » Tue May 23, 2006 3:09 pm

I love my 5.6% interest I have on my current loan. It just SUCKS that we're selling to move and will be buying a new home before the end of the year. I know interest is going be at least 2 points higher. :-o :-o
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Postby Dan Lambskin » Tue May 23, 2006 3:25 pm

mysticphysh wrote:I love my 5.6% interest I have on my current loan. It just SUCKS that we're selling to move and will be buying a new home before the end of the year. I know interest is going be at least 2 points higher. :-o :-o


ouch
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Postby VaderFin » Tue May 23, 2006 3:31 pm

This time last year Prime was somewhere around 5%...it's now at 8%.
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Postby awwchrist » Tue May 23, 2006 3:40 pm

we're at 4.5% currently.

:~(
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Postby SwiperNoSwiping » Tue May 23, 2006 3:49 pm

awwchrist wrote:we're at 4.5% currently.

:~(


Yeah, that's crazy Aww...We are at 4.75%. It's amazing the difference it makes.
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Postby Mercer Boy » Tue May 23, 2006 7:18 pm

Man...I really missed the boat on that stuff. I should have been looking for houses...now I'm gonna get screwed if I do decide to get one. :,-(

Luckily the only remaining loan I have from school is a no interest one... :-D
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Postby The_Dude » Thu May 25, 2006 11:56 am

The Dude is buying right now, and the best rate I could get is 6.75%

Its a bummer man.
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Postby VaderFin » Thu May 25, 2006 11:58 am

Anything below 7% is a good rate. May not be the crazy good some people got but it is still very good. When rates go above 7% then you start getting into not so good. Anything above 8% is horrible. So get em while they are hot!
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Postby Tiki » Thu May 25, 2006 9:18 pm

Well, I plan on winning the Lottery. ;-D


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