Quote:
Originally Posted by desertgrandma
I would ask where the heck you live except I already know.
Yes, interest payments are falling somewhat, but the banks here seem to be "reluctant" to 'refinance' what they know are bad loans in the first place, even tho they did the loaning AND supposedly there are billions out there they have received! (takes deep breath)
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Sorry, are you saying that US banks are not lowering mortgage rates in line with interest rate cuts? My own monthly mortgate payment has fallen by over $500 a month in the last year due to the dramatic lowering of interest rates; that's what I meant when I said that IF you are in work, and you have a mortgage, then falling interest rates should mean that you're much better off than you were.
Sorry - I know that this is way off-topic, but I'd be interested to know the reason why the same thing isn't happening to people in the US!