Does anyone know anything about the current market? Other than it is not doing great.
We are thinking about refinancing (again) and wondered what will happen to the interest rates over the next few months.
I have to lock-in my rate and am not sure what to do!
1 comment:
I'm not sure what you should do. From what I understand, the Federal Reserve Bank's interest rate is often adjusted down when things are going slowly and adjusted up when inflation is growing too quickly. Right now the economy is growing slowly (it might be retracting, but I don't think it is) and I haven't heard any talk about the inflation rate, so I don't know what it is. That rate is what other banks base their interest rates on. Today that rate is 2.00%. Last year at this time it was 4.75%. So, as far is interest rates go, you should be able to get a fairly low rate. I've heard that it is getting harder to get a loan and that if things don't get better, it will be even harder to get a loan...So, I guess if you are going to refinance, you might as well try to do it now.
Also, you might consider talking to a primerica agent about a smart loan--when they were explained to me, I thought they seemed like a good idea. I didn't research it real well, though.
Mike
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