Question by Cobabeology: How long will it take the latest 3/4% interest rate cut to affect the mortgage and loan companies rates?
With the Fed’s decision to cut interest rates, I understand that banks will follow suit and lower interest rates. How fast will it take for these changes to go into place? At what point should people begin to investigate refinancing their mortgages and other loans where it will actually reflect the new rates?
Answer by I. B. Zoxx
I just read an article on precisely this subject on Yahoo news. Here is a link to the article:
What do you think? Answer below!
Lenders and Banks are offering lower rates.
Lenders may be willing to refinance to a fixed rate mortgage even if you are one or two payments behind on a recently adjusted ARM
Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every monthcompanies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.