A Quote by Franklin Raines
Well, we're just now seeing the reductions in mortgage rates. The mortgage rates are based on the ten-year rate and the Fed controls the overnight or the shorter rates.
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We think if the economy remains weak that we could see mortgage rates trail down and we think that we could see rates below seven percent into early next year.
We're seeing the yield curve steepen, that means long rates are going up but short rates are not because the Fed is holding them down and this is usually good for financial stocks.
In June 2005, mortgage rates were at 40-year lows, and risk premiums on mortgage securities were at all-time lows. Once the banks migrated to the subprime area, there was little else that could be done to send housing prices higher.
There is no better way to quickly buoy hard-pressed homeowners than helping them take advantage of the currently record low fixed mortgage rates and significantly reduce their monthly mortgage payments.
A higher IOER rate encourages banks to raise the interest rates they charge, putting upward pressure on market interest rates regardless of the level of reserves in the banking sector. While adjusting the IOER rate is an effective way to move market interest rates when reserves are plentiful, federal funds have generally traded below this rate.
Right now the long-term investors are telling us that they're not as concerned about inflation and so we're seeing these rates now move into the marketplace and out to the street - rates that individuals can get.
Mortgage is one of the most popular deductions. It costs the Treasury about $103 billion a year. Now that's money we could use to treat wounded veterans or reduce the deficit or fill the border. Instead, we give it a subsidy to homeowners, and it goes mainly to the richest homeowners in America, because only one third of Americans itemize their deductions. It doesn't work. Many countries have gotten rid of the mortgage interest deduction. Almost all of them have higher homeownership rates than we do.
The real challenge was to model all the interest rates simultaneously, so you could value something that depended not only on the three-month interest rate, but on other interest rates as well.
Most savings rates are based on underlying interest rates.
Student debt is crushing the lives of millions of Americans. How does it happen that we can get a home mortgage or purchase a car with interest rates half of that being paid for student loans? We must make higher education affordable for all. We must substantially lower interest rates on student loans. This must be a national priority.
What's true for New York is true for most of the country: We are a long way removed from the double-digit interest rates and unemployment rates, and the soaring crime rates, of the early 1980s.
In general, higher rates of belief in and worship of a creator correlate with higher rates of homicide, juvenile and early adult mortality, STD infection rates, teen pregnancy, and abortion.
A lot of people out there working hard and finally building up to getting a pretty good income. Higher tax rates on them, you know, the income rates going up, the dividend rates are going up, the capital gains rates all going up before health care kicks in.
Well, rates would go up whether you deregulate or not, and of course, the rates that are going up right now on the electricity side are still within the regulated framework.
It has been convincingly demonstrated that countries where there are high rates of poverty, or high rates of economic inequality, are the countries with the highest rates of religious beliefs.
The central banks cannot control interest rates. That's a mistake. They can control a particular rate, such as the Federal Funds rate, if they want to, but they can't control interest rates.
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