0 % interest



Downrigger

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Yeah, not how you think it works. Banks still charge, rates will come down some. But it will be much higher than 0 as cost of funds is used in determining what a bank will charge....now your deposit accounts....will earn closer to zero.
 

NDbowman

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My bank just lowered my interest rates to 5% on Ag loans earlier this week, doubt I'll see it go lower now. Does a zero percent interest rate mean my bank can borrow from the feds for 0% than charge me 5%?
 

Traxion

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I don't get why they did it already. Save it for later in this mess. Interest rates don't matter at all if nobody has confidence to buy, let alone leave their house. Right now we are telling people to not go anywhere, afraid they may not have a job, etc. Zero consumer confidence right now. I feel the Quantitative Easing part of the emergency action will have more impact than interest rates, at least in the short term. I wish they would have saved something for later, they're using all the bullets they have and the bear is just starting to charge. DOW futures are down 1000 already.
 


eyexer

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Consumer probably won’t see any real reductions. Banks will probably keep rates damn close to current levels due to increased risk
 

Downrigger

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Yeah....banks borrow for little but are still paying depositers and still have costs to their funds such as overhead, keeping the lights on, paying for regulation oversite, etc..
 

Lycanthrope

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My understanding of QE is essentially the govt creates more fake money, which devalues the fake money everyone has, basically its stealing from the public. I dont really understand why people are ok with this. Also, if the govt can QE, why not just let them do that and we can all quit paying taxes... They get us coming and going! Correct me if Im wrong...
 

snow

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Goodluck getting thru to any mortgage company,last week I spent two hours on hold with my current company,drop calls recordings nothing happened,same again this morning,tried 3 different mortgage companies.
 


Lycanthrope

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I checked Gate City bismarck and their rates didnt change with the fed drop, guess they just wanna screw people... Its still at 2.75!
 

fireone

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Banks and cockroaches will be the last things to die. Their cash machine is credit card debt and the more they can push the better they like it.
 

Downrigger

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Banks and cockroaches will be the last things to die. Their cash machine is credit card debt and the more they can push the better they like it.

You need to find a community bank. Option is there but not pushed as hard.
 


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