Economic News

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I got my mortgage in Birmingham at 2.9% in May 2022 about a week or two before rates started climbing. By the time we were just now going through the homebuying process again in Charlotte, we were getting quoted 6.625 and up- with one as high as 7.5- even with a decent down payment and 810+ credit scores. I ended up buying down a 6.5 rate to 5.5 because the math mathed for how long we plan to be in this house and because I have zero faith in seeing low-ish rates (4-5%) for quite some time.
 
CFordUNC said:
I got my mortgage in Birmingham at 2.9% in May 2022 about a week or two before rates started climbing. By the time we were just now going through the homebuying process again in Charlotte, we were getting quoted 6.625 and up- with one as high as 7.5- even with a decent down payment and 810+ credit scores. I ended up buying down a 6.5 rate to 5.5 because the math mathed for how long we plan to be in this house and because I have zero faith in seeing low-ish rates (4-5%) for quite some time.
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Was the Birmingham note assumable? If so, I sure hope your agent marketed the fuck out of that fact and got you and extra $50k or so out of the sale because of it.
 
wmheel1287 said:
Was the Birmingham note assumable? If so, I sure hope your agent marketed the fuck out of that fact and got you and extra $50k or so out of the sale because of it.
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Mannnn I wish it had been! I definitely checked with my lender and unfortunately it wasn’t.
 
I remember posting the day after the election (and in the months that followed) that electing Trump meant keeping home loan rates high, and getting mocked for it by the MAGA posters.
I tried to explain that this wasn’t an opinion.
 
ChileG said:
I remember posting the day after the election (and in the months that followed) that electing Trump meant keeping home loan rates high, and getting mocked for it by the MAGA posters.
I tried to explain that this wasn’t an opinion.
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IMO, when Powell’s term runs out, Trump will install a lackey who will lower rates by 0.5-1.0, immediately.
 
Healing said:
IMO, when Powell’s term runs out, Trump will install a lackey who will lower rates by 0.5-1.0, immediately.
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And even if the Fed does that, there is no guarantee that mortgage rates will follow. Matter of fact, they would likely go in the opposite direction. An ill advised Fed cut would trigger massive inflation fears. That usually leads to the bond markets (and therefore mortgage rates) going up, not down.
 
The Fed Chairman can’t unilaterally change rates. There are 12 people who vote on Fed interest rate moves. The FOMC has 12 voting members, including the seven governors and five of the 12 regional bank presidents, who vote on a rotating basis.
 
farce© said:
The Fed Chairman can’t unilaterally change rates. There are 12 people who vote on Fed interest rate moves. The FOMC has 12 voting members, including the seven governors and five of the 12 regional bank presidents, who vote on a rotating basis.
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We shall see. Trump has bent to his will the SC, gop, most of the America mainstream media ecosystem, several elite universities, the military, the legal system, etc. Color me surprised when the Fed, lead by Larry Kudlow, doesn’t bend as well.
 
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So the director of Trump's Economic Council today has put us libs in our naive place.

" Truth is not Democracy " Watch the clip that also contains a lot of word salad...

www.rawstory.com

'Truth is not democracy': Trump official dismisses facts on GOP megabill

White House economic adviser Kevin Hassett dismissed experts' dire predictions about President Donald Trump's so-called One Big Beautiful Bill by insisting that "truth" and "science" were not the same as democracy."There's a consensus that this bill adds tremendously to the deficit. I know that...
www.rawstory.com www.rawstory.com
 
heelinhell said:
So the director of Trump's Economic Council today has put us libs in our naive place.

" Truth is not Democracy " Watch the clip that also contains a lot of word salad...

www.rawstory.com

'Truth is not democracy': Trump official dismisses facts on GOP megabill

White House economic adviser Kevin Hassett dismissed experts' dire predictions about President Donald Trump's so-called One Big Beautiful Bill by insisting that "truth" and "science" were not the same as democracy."There's a consensus that this bill adds tremendously to the deficit. I know that...
www.rawstory.com www.rawstory.com
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What’s weird is he volunteered those two sentences when they weren’t even relevant to the question asked. What does that even mean?
 
BillOfRights said:
Declining dollar faces more headwinds after worst first-half return in 52 years

-10.7%

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Trump needs to consult with Mike Flynn again to determine if a weak dollar is a good thing or a bad thing...

www.theatlantic.com

The Trouble With Trump's 3 a.m. Phone Call

The president pondered a reasonable economics question—but who he reportedly dialed for answers raises questions of its own.
www.theatlantic.com www.theatlantic.com
 
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