Reply to Mortgage Rates Rise as Iran War Ripples Through Financial Markets

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[quote=Anonymous][quote=Anonymous]A lot of banks had old folks rolling CDs 1-5 year maturites from March 2020 to around Fall of 2022 who were crying on CD renewals at the crazy low CD rates and it cut their income so much they barely could hang on. [b]ANd young folks were cheering buying beach houses, mcmansions, sports cars at record low rates and riding stock market bubble. Which a 75 years old was kinda of out of look.    [/b]

Someone older who did a CD ladder in March 2019 of six monthss, 1, 2, 4, 4 and 5 year CDs with instructions to pay out interest at maturity and reinvest principal ammount took a horrific cut in interest income in 2020, 2021 and 2022 when the six months, 1, 2 and 3 year CDs rolled over at near zero.

this rise in rates saved them as in March 2023, 2024, 2025 and 2026 they rolled over to decent rates. Once again they can live life,

the young folks want 3 percent mortgages again which will give us 1 percent CD rates and once againt the older saver will be crusehed . [/quote]

You are out of touch. Very few young people can even afford a basic starter home; the idea of Millennials cheering and buying second homes and sports cars is about as far from reality as you can get. The Boomers control the vast majority of wealth in this country. Of course many Boomers are struggling too, but as far as the generations go, they're doing far better than most.  [/quote]

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