Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (71619)	11/24/2007 2:46:44 PM
From: John McCarthy	Read Replies (1) of 116555

Hi Mish The front page of Saturdays journal reads (in part) Interest Rate payments set to grow on $362 billion in 2008 Their source is the Bank of America. sidebar:this is lower (I think) than a BofA estimate I posted about 4 or 5 months ago. All that aside - the reason I am posting is another article in the journal which says - to the effect - people trying to refinance AIN'T seeing the lower rates (savings) they anticipated. IOW - as the article points out - long term Treasuries have come down and are going down - and therefore - the article suggests - mortgage rates should fall. In a nutshell - that ain't happening. I don't know where the truth is. But I am curious about two subjects. (a) Whats the message from lenders? Is it that lower long term treasury rates AIN'T helping them? Or - it is helping them - but they want a premium on lending for mortgages. i.e. the good old days ARE really dead. (b) Who ARE these folks trying to refinance? Is it the ARMS folks? Flippers? who have thus far held on? Normal folks - getting gobbled up by the REAL cost of living .... gas, cigarettes, coffee, haircuts, credit card debt etc. and they were looking to save money by refinancing. I think it matters who they are. regards, John

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