Mortgage rates plummet

America is primed for economic, social and racial revolution.  Out of the ashes may come some semblance of what it was some 235 years ago, when it was first born.  I can see no future in it's present-form existence.  The days of mom and apple pie left us in the 1960's with the advent of the fam-nazi movement, the so-called civil rights movement, the birth of the drug and social change movement, social welfare and entitlement movements.  Gone are the days of self-respect, dignity, hard work and prosperity.  The rich manipulate the poor while the poor leach off the middle-class. 

What was once a beautiful country, full of ideas and prosperity, is now nothing more than a haven for rich Middle-Eastern and Far-Eastern rich fat cats to dine on.  America gives and the world takes from it.  Americans are blind sheep who wouldn't know a hustler or manipulator if they saw one.  Everyday we are bombarded with images of starving African children, with mothers who could  barely  care for them before and surely can't now, with some so-called "relief agency" tugging at our heartstrings and making us feel guilty unless we contribute more.  Calls for assitance from far off countries to send our troops to combat some imaginary "enemy", while that same country swindles us out of billions once we fall in the trap(s). We accept the sick, lame and lazy from other countries to come and feast on our social welfare system, only to complain if they don't get enough. The only country on earth that allows that.

We just weren't satisfied with the status-quo and had to test the waters of change.  Well, here are the results.  Happy fellow Americans? 

The only ones who will benefit from low interest rates are the 3% of Americans who control 95% of  its wealth and the rich fat cats i named above.     . 

I don't know what I will do with my $144.00 a year windfall from the "plunge" in mortgage rates.

Maybe buy a new Mercedes, or travel around the world, maybe buy that yacht I had my eye on,...gosh,....$12 a month extra. All can say is WOW !!!  Awesome!!!!, no,...DOUBLE AWESOME!!!

The key words in the article are "who qualify for a loan'. With record high unemployment, outsourcing of American jobs to China and India, and what American jobs there are being converted to burger flipper wages there are not many Americans who qualify for a mortgage anymore. Add to that, the banks who can voluntarily invest in Treasuries (note that many banks are REQUIRED to invest in Treasuries as a result of TARP of 2008 as a result of the bank bailout) got spooked badly due to the Debt Ceiling debacle do not want to invest in Treasuries, so they throw savers money back into the mortgage kitty, but since there is virtually no demand for mortgages due to the factors indicated in Sentence 1, interest rates drop.

Yes, as the article states that this may be a blessing, but until as a nation we fix the problems in Sentence 1, people are not just going to buy homes and use the banks mortgage money. I feel that the banks would be better off again loaniing to small business who can prove to generate US jobs at liveable wages whose employees can then afford to  buy a home on a mortgage rather than put savers money in the mortgage kitty. The real problem/solution is getting American JOBS at liveable wages.

I know this for a fact, since I used to be a small business owner in 2009 whose business was starved for cash due to the credit crunch at that time, and due to this, as well as many other factors (primarily due to my competitors outsourcing the work that I was trained to do (engineering) to India at cheap rates), I  had to shut down my business.

So listen banks, and put your money in the right place....

Wake me up when a 15 year is 1% and the 30 year is 1.5%...The mortgage thugs still make billions..Housing sector starts to recover & the consumer economy is fueled by the extra cash Joe/Jane Smith now have that is not going to the bankster.

People go back to work...refi's reach new unprecidented records , homes sell again &

Economy problem SOLVED...

Too bad nobody can afford to buy a house or afford the risk of it losing value.

Bumper sticker of the week: "At least the war on the middle class is going well"

I happened to look at the national debt clock on line the other day - the ratio of taxpayers to food stamp recipients is about 2.5 to 1. Once the playing field is finally "leveled" my guess is that we'll be right where Russia was 50 years ago. Welcome to the 3rd world, people!

There are many that would hear of this and think - the economy is not bad!  What they don't realize is the fact of lack of jobs (jobs that pays above minimum wage), thus in turn qualifying for a loan will be difficult. The typical jobs that gets created is a mere handful or near minimum wage! Then there is the "raising the debt ceiling"!  Many would feel this is an accomplishment! Reality is we are experiencing; population growth, welfare rolls has nearly tripled in the past 10 years, forced early retirement for the 50 plus age groups, corporate positions eliminated and operating on skeleton staffs, etc!

The economy threatens our; Social Security existance - funding will be exhausted by 2030, real estate valuation is declining in many venues, healthcare costs is still increasing, cost of living is increasing due to the fuel costs, etc.

The "American" way is haunting us! An example of this is to assist in human needs - starving, shelterless, etc.  We will always help fellow humans. Look at welfare and the continuous abuse! The actual needy is a low percentage of the recipients. There are many on welfare that was born and raised on (generation to generation) and thus is an accepted way of life! At one time they were considered low income. Reality is they are still considered low income, however a family of 4 on welfare receives approximately $28k per in benefits. Pending the metropolitan area this fact appeals to more of the public since it pays more, than what is available!

Nelsonpt22

You have no idea what this guy paid for his house or the interest rate.  Maybe you should pull your head out - you might smell the fresh air.