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Response to Myrina (Reply #21)

Tue Aug 13, 2013, 05:28 PM

40. ARM's were just fine

when interest rates declined in the 1980's. They allowed people to borrow at fair rates, and not have to pay refinancing fees just to chase interest rates when they were in decline. They also gave security to folks willing to lend their money in longer-term CD's, who would get higher rates when the fear factor of rising interest rates was eliminated. What went wrong with ARM's is when they were used to pump up the housing bubble, enabling borrowers to bid up the price of homes above what they would have been able to afford under strictly thirty-year fixed rate loans.

Also, where do you have a savings account that pays 1.5% per year? I'd like that rate.

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