Federal Reserve rate up 1/4 Point

Bernanke raises the Federal Reserve rate 1/4 point to 4.75%. He says further tightening may be necessary to keep inflation under control.


Housing bubbbbbbbbble

I can't say for certain, but most of my reading about our current economic situation suggests that housing is driving almost everything. Construction, refinancing, equity lines, more debt, etc. A precipitous downturn (collapse) in housing would be big, big trouble. These guys are hoping their increases don't accidently cross the tipping point. And unfortunately, they have no idea where that point actually is.

And what can we do? Nothing but keep our fingers crossed (or pray if you happen to believe god approves of our free-market frenzy).

I just want to sell this house and get

our construction loan before interest rates are too much higher. Our mortgage rate now is 4.5% Lucky us. We got a variable rate. It could change for 7 years and then would fix. It went up the first year and then down every year after that. We hate to leave this mortgage, but we have to leave this house.

Vote Democratic! The ass you save may be your own.


We are looking to refinance but soon!

Jesus Swept ticked me off. Too short. I loved the characters and then POOF it was over.