Interst Rates Down again by 1%

roddydogs

Once again all Savers will have to pay for others Profligacy........:mad:

ScottyBoy_2

Its a disgrace, I live within my means and paid my debts and now I get punished for saving! :mad:

But I guess some people (good people) need as much help as they can get!

Good luck and best wishes to them!

Lynt_3

I heard it could be 1.5%!

I give up.

Andrew64

There's talk of interest rates being 0% next year! So the rates offered by banks and building societies won't be much above that! But I'm not going out and spending my savings just because the government wants us to.

sara.corner007

My fiance and I signed a contract on an inventory home on Friday Feb 15, but left the interest rate on the mortgage contract as floating. At the time, FHA's 30 year fixed rate was 6.25%, when 2 weeks ago it was 5.75% which looked much better when we got the estimate. My question is, when the markets open up tomorrow, do you think the FHA interest rates will be going down, up, or stay level through this week? We have until Friday to lock in a rate, and I am gambling that the rate will go down to at least 6% this week. Obviously everyone bought a bunch of bonds when Bush signed the FHA/mortgage bills which drove the interest rate up, but I think the market cannot bear the high rate and will drop again very soon (this week). Your thoughts?

Stavros_3

ScottyBoy wrote: »

Its a disgrace, I live within my means and paid my debts and now I get punished for saving! :mad:

Totally agree, 12 months ago there were plenty of 7%+ fixed rate accounts about. I have now come out of cash deposits, and put it all into a 5yr + investment plan, cautious risk to start off with.

Jonbvn

roddydogs wrote: »

Once again all Savers will have to pay for others Profligacy........:mad:

Don't count your chickens just yet. Although I do agree that a 1% cut is likely.

Jonbvn

Stavros wrote: »

Totally agree, 12 months ago there were plenty of 7%+ fixed rate accounts about. I have now come out of cash deposits, and put it all into a 5yr + investment plan, cautious risk to start off with.

I think that we are likely to switch all our ISA contributions into S&S next tax year, instead of continuing with our cash ISA's.

richardlionheart

roddydogs wrote: »

Once again all Savers will have to pay for others Profligacy........:mad:

this is how they punish us for being Prudent !

diveleader

But, on a positive note, if you can get an interest rate (after tax) that is better than the inflation rate (which is dropping), then are you not keeping ahead of the game? (This for those not living on the income from their savings that is).

Ok on reflection, it wasn't that positive!

ragingbass

Surely they won't drop it a whole percent this time around?!?! Low interest rates haven't helped the US or Japan markets, so it seems like a bad idea to me!!