CREIGHTON UNIVERSITY ECONOMIST ERNIE GOSS SAYS THE DAYS OF TWO OR THREE PERCENT INTEREST RATES ON HOME MORTAGES ARE OVER.
INTEREST1 OC…….AFRAID TO SAY.” :18
THE FEDERAL RESERVE AND CENTRAL BANKS IN OTHER COUNTRIES CUT INTEREST RATES TO NEAR ZERO IN RESPONSE TO THE ECONOMIC CRASH THAT HIT THE GLOBAL ECONOMY IN 2008.
RATES DROPPED AGAIN IN 2020 TO PROVIDE AN ECONOMIC BOOST DURING THE PANDEMIC.
INTEREST2 OC……TO HIGHER RATES.” :10
THE 50-YEAR AVERAGE FOR INTEREST RATES ON HOME MORTGAGES IS SEVEN-POINT-SEVEN PERCENT AND GOSS SAYS THAT COMPARES TO CURRENT RATES WHICH ARE AT OR JUST BELOW SEVEN PERCENT.
DOUBLE-DIGIT INTEREST RATES IN THE 1970S LED TO THE FARM CRISIS IN THE 1980S.
WHILE FARM FORECLOSURES ARE RISING, GOSS DOES NOT EXPECT FARM FORECLOSURES TO SPIKE LIKE THEY DID FOUR DECADES AGO.
INTEREST3 OC……HAVEN’T OVER-LENT.” :11
GOSS SAYS ONE WAY TO REDUCE CURRENT INTEREST RATES IS FOR CONGRESS TO MAKE MEANINGFUL CUTS IN FEDERAL SPENDING AND PAY DOWN THE NATIONAL DEBT.
RADIO IOWA
