Interesting article about rates

Everybody's been benefitting from low mortgage rates. When I bought my house in July 2000, the rate ( jumbo ) was over 8.5%. I refied first to a 6.5% 5 year ARM, then to a 6.5 % fixed ( b/c rates will never go lower :newsmile54: ), and ultimately to a 10 year IO ARM at 5.125%.

Needless to say, a 10 year IO ARM is about 1/2 the cost of a Fixed 8.5%. That's alot of free money.

Anyway, this article taught me stuff, hope ya'll like it.

http://biz.yahoo.com/brn/061116/20227.html

 

New housing starts plunged to the lowest level since July 2000.

I have a friend who moved here from Orlando. He moved back today because he could not sell his house.

 

When's the interesting stuff gonna show up?

 

I'll have Hot and Sour Soup and Spring Roll instead of Egg roll

 

Anytime now. Just keep waiting.