If you own a house and don't plan on moving, what do you care about the mortgage rates?

You already have a mortgage, so what is your problem?
STFU and go out and spend!! That's your duty and don't
stop spending until what you spend equals what our soldiers
families lost by being sent to an illegal war!! There you go!

Lose your guilt, make amends....

it goes up or down a max of 1% every year based on prime.

Additionally, the sales value of the houses around mine affect the value of mine,and therefore my debt/equity ratio, thereby affecting my credit.

And actually, I do spend. I spent $1000 on tree service this summer, $250 to get my gutters repaired. I just purchased a new refrigerator, and a new TV.

I am going halfsies with my ex-wife on a used car for my son to drive (which actually will save money in a couple of years based on insurance rates).


Did I miss the point of this thread?

;)

And thanks for helping keep some people employed in America! :D

and since it is based on prime, I have only been above my original rate 1 year of the (nearly) 18 I have had it.

My credit isn't what it once was as my marriage and divorce took me from high the 700s to bankruptcy, from which I am just now recovering. I won't be able to get a decent fixed rate loan for 2-3 more years, and by then it won't be worth it.

I've always tried to live prudently. I was unemployed for a little over three years on top of everything else that went on. Much of my spending now is based on replacing things in terrible need of replacement, and trying to get a handle on home maintenance again as well as trying to get more energy efficient. (My new fridge is 40% bigger and uses 30% less energy than my old one did when it was new (probably 80% less than it does now--as it runs all the time to maintain a temperature slightly cooler than my dryer...) My TV is 3-4 times the area buts uses 10% less energy than the distorted Tube it replaced. I hope to get solar panels when they start making enough of them in the U.S. for the prices to drop.

I don't have a problem with spending, as long as I can justify it with long-term savings. I don't make enough to buy anything that isn't ultimately "free" in 5-10 years.

what is it based on?

:P