Chicago526
<font color=red>Any dream will do...<br><font colo
- Joined
- May 6, 2003
I found some interesting stats in an ABCNews.com article I was reading about the Fed not raising the interest rates much more. Thought I'd pass it along!
http://abcnews.go.com/Business/story?id=1862426&page=1
I am sooooo glad we got a 4.75% rate on a 30 year fixed last fall! I can't imagine people with 1, 3, or 5 year arms are going to do when lock period ends and their rates jump! I think there are going to be a lot of forclosures and/or people trying to sell their homes before the bank takes it in the next few years!
http://abcnews.go.com/Business/story?id=1862426&page=1
-About 25 percent of all Americans now have a home equity loan. The loans have been used to buy cars, boats and more houses.
-The interest rate on some 11 million adjustable rate mortgages (ARMs) will reset at a higher rate over the next two years.
-As of the end of 2004, CardWeb.com estimates the average credit card debt per household was $9,312. The interest rate on that debt has been steadily rising.
-19 percent of Americans now say they are worried about making their monthly payments.
I am sooooo glad we got a 4.75% rate on a 30 year fixed last fall! I can't imagine people with 1, 3, or 5 year arms are going to do when lock period ends and their rates jump! I think there are going to be a lot of forclosures and/or people trying to sell their homes before the bank takes it in the next few years!