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Bankrate's 2008 Financial Forecast
A look back at 2007
When it comes to personal finance, you can learn a lot about what will happen by looking at what has happened.
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Financial review of 2007
October

This month in history:
Oct. 1, 1908
Henry Ford's Model T went on sale for the first time.
Oct. 7, 1765
The Stamp Act Congress convened in New York City to protest the British Stamp Act, which imposed the first direct tax on Americans.
Oct. 15, 1924
Lee Iacocca was born. Iacocca became an automobile executive at Ford and later helped save Chrysler from bankruptcy, making himself one of the first glamour capitalists.
Oct. 19, 1987
"Black Monday" occurred on Wall Street as stocks plunged a record 508 points or 22.6 percent, the largest one-day drop in stock market history.
Oct. 29, 1929
The stock market crashed as over 16 million shares were dumped amid tumbling prices. The Great Depression followed and spread worldwide.
The subprime bloodbath continues as brokerage firm Merrill Lynch writes down nearly $8 billion in losses from bad loans, leading to the resignation of CEO Stanley O'Neal. Unlike many people leaving a job after being accused of poor performance, O'Neal took with him about $160 million, including $90 million in stock, $40 million in options and $30 million in pension and other benefits.

The Merrill Lynch announcement is part of a wave of bad news from firms like Citigroup and Bear Stearns about losses in the subprime sector, triggering changes of leadership at several of the world's largest brokerage firms.

The Fed cuts the federal funds rate by another quarter point in a continued bid to try to slow the U.S. economy’s decline.

A look at the numbers

Unemployment rate: 4.7 percent
CPI one-month change: +.2 percent
Productivity: Q2 +2.6 percent
60-month new-car loan rate: 7.62 percent
Federal funds rate: Cut to 4.5 percent Oct. 31
NAR existing homes sales: 4,970,000
Months' supply of existing home sales: 10.8
Existing home sales price: $207,800
Consumer debt: $2,490,300,000
Dow Jones industrial average high: 14,279.96
Average price for gallon of regular gas: $2.79
30-year fixed mortgage rate (Bankrate)

 
30-year fixed mortgage rate (Bankrate)
Each Thursday, Bankrate releases a survey of large lenders in the top 10 markets to get a national snapshot of where mortgage rates stand. The 30-year fixed mortgage rates are from the Bankrate weekly national survey of large lenders and are based on a $165,000 loan.
-- Posted: Dec. 10, 2007
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Compare Rates
NATIONAL OVERNIGHT AVERAGES
30 yr fixed mtg 4.45%
48 month new car loan 3.77%
1 yr CD 0.89%
Rates may include points
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