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Politics : Formerly About Advanced Micro Devices
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To: bentway who wrote (369586)2/2/2008 4:42:44 PM
From: tejek  Read Replies (1) of 1581675
 
But, my HELOC is tied to the Fed funds rate! So, GO BEN! Let's have a cut a week!

As for everybody going out and getting a refi - that works when your equity's going UP, but, a lot of American's equity is going DOWN.

As a matter of fact, read THIS:

boiseblog.com;

Helocs and mortgage refis are two different things. I am not surprised that banks are tightening the reins on HELOCs......that's a good thing.

Having said that, most homeowners still have equity in their homes. Those that do will refi and reap the benefits. That would include me.

And yes, I know there is not a direct tie between the fed rate and mortgage rates. But there is an indirect tie....to it and the discount rate. The two rates increase liquidity in the markets in different ways and the banks have more money to lend. As the competition increases among banks, mortgage rates drop depending on what happens with bond yields of course.....and the LIBOR.
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