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Double whammy

January 30th, 2008 at 01:23 pm

The Feds lowered interest rates another 1/2 per cent, today, and at this writing the market went down, after having been up a little.
This does not bode well for retirees, who in many cases, are living on savings interest and investments. This population is going to suffer with this economy.

It's great for those wanting to purchase a home, and are smart enough to lock in a FIXED rate.

I think a lot of people are going to get frustrated with saving, and seeing low interest rates.

It might have been the optimal day to transfer savings to a CD. I just switched my ING account to a CD, and probably just got in under the wire.

Posted in Uncategorized | 4 Comments »

4 Responses to “Double whammy”

  1. gruntina Says:
    January 30th, 2008 at 01:32 pm

    It also narrows down for those who can refinance if the market keeps going down. The fed cut does not cause the value of homes to go down but there seems to be a correlation between rate cuts and value of homes coming down at the same times. I don’t see how this is going to help some avoid foreclosure!

  2. Ima saver Says:
    January 30th, 2008 at 01:41 pm

    i am one of those hoping to live on the interest in retirement. I hate it that savings rates keep going down!

  3. nance Says:
    January 30th, 2008 at 02:00 pm

    So do I, Julie, so do I!

  4. Joan.of.the.Arch Says:
    January 30th, 2008 at 05:33 pm

    Let's just hope those retirees don't see a high inflation rate develop along with low interest on savings.

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