The housing & global credit situation is so screwed up that nobody really knows what to do. NOBODY.
THEY ARE GUESSING. It’s a facade.
They will try almost anything, so a fed meeting cut will bring even more predictions from people that really don’t know what they are talking about. This is not a text book case. It was total wreckless, irresponsibility on the governments part that allowed this to happen. A MAJOR screw up.
Having a good economy for a few years will result in a payback of hell for many people, financially and psychologically. Having bought a house will ruin some peoples lives FOREVER, in the same way that some peoples lives were ruined by being in the stock market in 1929. They NEVER recovered.
With CASH, you won’t suffer as bad or at all.
A FED rate cut is like putting a band-aid on someone who needs 50 stitches. It’s going to help for about two seconds.
The last one meant nothing to most people. I stated that clearly on the thread about it the day it happened.
There isn’t a person on earth who knows EXACTLY what to do to solve this crisis. There is no easy answer.
Time and pain will take its toll. Thousands will die before the global crisis is over.
Average Joe & Jane haven’t got a clue what’s coming.
I’m not sure if the OP is trying to pick an exact bottom or lowest possible rate. It isn’t possible. Nothing rings a bell at the top or bottom. Get over it and enjoy your life before it’s too late. Travel, eat, fish , hunt, do whatever you enjoy, and don’t waste time wondering how low rates can go. They are what they are.
There are going to be major economic consequences that will establish new rules going forward.
There are going to be major financial failures that haven’t even been discussed yet.
Today, WE are living with results of the NEW DEAL established in the 1930’s. There will be new rules and a new nickname.
We are in the 3rd inning of a 9 inning ball game. I wouldn’t even think of buying a home around here until at least the 7th inning stretch…
If I needed to refi, I would do it NOW, if I had some equity. If rates go down next year, you might be able to refi again, except the house will be worth less than it is today.
So many people are done that don’t even know it. They have fallen off a cliff but haven’t landed yet. There is nothing that can stop their fall.
