BS - Sunday, May 13, 1984 - North Shore News Interest rates climb upward E CONTINUE to move into a period which is prized by lenders and despised by borrowers — namely, a period of rising interest rates. This column first noted on March 9 that interest rates were easing up and the persistent upward trend is now confirmed. While it may be acceptable to the banks, the trust com- pames and vanous other lenders (although many do not like the high interest rates because it cuts their business volume), it is bad news for many — people who have floating loans or who need to borrow, and those who have to renew their mortgages in the near future, for example. chase an annuity as_ the higher interest rates will pro- vide a higher monthly payout in their retirement years. (To give you a random ex- mple, plucked from the rate tables, $50,000 would have provided a man and wife with a joint’ lifetime annuity, guaranteed for ten years, al age 61, of about $514 a month of income in January. As of the end of April, when the interest rate the life in- Surance companies were pay- ing had risen to an average 13.29 per cent, the same $50,000 would have provided about $547 per month of in- come. That is an increase of $33 per month in approx- imately four months — enough to pay the monthly ‘grog’ bill?) xk wk & Another random selection of what treasury bills pay also confirms the upward banks gives us a broader pic- ture of where interest rates have been and where they ap- pear to be going. (The prime rate 1S Said to be the rate at which banks will lend to their best, and most affluent, cor- porate customeers. Thou and 1, when borrowing from the banks, normally will pay the prime rate PLUS one or two percentage points.) The accompanying chart shows recent prime rate movements. What lies in the future? The consensus — if one 1s possible — seems to be that interest rates will continue high this year, with perhaps a decline next year. But it 1s a ‘‘whole new ball game’’, as they say. The day of the seven per cent mortgage is likely gone forever. Rick Morson is moving May 22nd Tr NATIONAL Movine Day Classified 986-6222 “BREAKING OUT”’’ ¢ Become ano limit person Insurance A We are a nationally known, 79 year old company serving the fire and casualty insurance needs of the forest products industry and we have a solid opportunity immediately available for an Account Representative. Qualified candidate will possess a mini- mum of 2 years of college and some busi- ness experience is preferred. We will train you to call on the executive decision makers of our client companies so you must be willing to travel overnight. We offer a competitive salary, incentives, expense account, company car plus an excellent benefit package. Send com- plete resume immediately to: W.R. Weston 2501 N. Military Trail Boca Raton, Florida 33 JOB HUNTING CHANGING JOBS Over 80% of all jobs are not advertised. 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This column was writ- ten late last week before the regular Thursday announce- ment of the week’s T bill rate, but we will hazard a For more information on this 2 day workshop that will be held at Broadway and Oak Become a Friend of GE) guess that it might have edg- wut 0 4 : ed up to 10.7 per cent by the ; & ee @ l sh Columbia’ LX , stand 10 ena ee time the News appears on 589-3264 Brit s Those with investment in- come will already be moving their funds anto term deposits, guaranteed invest ment certificates, treasury bills and other instruments which pay interest Phe elder ly, those entering of nearing retirement, among others, who have been considering buying annuities, should alsa be keeping them cye onan terest rates. 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