Fed cuts interest rates again..

[GloryDawg]

You are crazy as hell if you think this isn't a financial crisis. Tell that to some of the Starkville restaurant owners and employees who will be out of business before August. Shutting down most commerce for several weeks will lead to a huge number of business failures and high unemployment. There will be economic reverberations for years!

No doubt it's a crises but for a lot of business it will be over sooner then later however business Starkville probably won't. I just don't see students coming back this semester plus no athletic or other events taking place. This is probably the case for all small college towns. The government will take steps beyond what the House passed this past weekend but we will see the national deficit grow from it.

 

[ronpolk]

I recently purchased a business and owe a bank a **** ton of money. Hope they let me miss a few payments, cause something tells me that the next 3-6 months are going to suck ***.

I would imagine your bank will work with you. You’re not going to be the only business impacted. Luckily, the bank I work for is not heavily concentrated in hospitality (hotels and restaurants). This is going to be especially bad on them.

 

[NWADawg]

The housing market will increase. In fact, a lot of people will refinance.

I don't think it is wise but i know that a lot of folks that refinance at a lower rate also tend to roll other small debts into the loan, sorta like debt consolidation. Then, they turn around and go finance something with the monthly funds from the financial "relief" they got from refinancing.

 

[mstateglfr]

Concerning refinancing- we got our current mortgage in 2012 and I just googled current refi rates only to see they are 1% higher than what we have.
Whadup wit dat?

Everything I read for the last 8 years has been how mortgage rates have been super low, so were they low but still higher than what they are right now?

Are people refinancing now those who bought post 2012 at a time when it was slightly higher than right now or something?

...or am i missing something here?

 

[Apoplectic_Objurgator]

Concerning refinancing- we got our current mortgage in 2012 and I just googled current refi rates only to see they are 1% higher than what we have.
Whadup wit dat?

Everything I read for the last 8 years has been how mortgage rates have been super low, so were they low but still higher than what they are right now?

Are people refinancing now those who bought post 2012 at a time when it was slightly higher than right now or something?

...or am i missing something here?

demand is too high so banks are raising rates to slow apps - trying to flatten the curve like CDC