Ben Bernanke and the feds cut interest rates recently, so mortgage rates are dropping and home prices are decreasing. It's great for buyers... bad for sellers.
Home equity lines customers should be seeing savings on monthly bills.
If you're looking to borrow with a new fixed-rate home-equity loan, you'll find lower rates.
Bad news for those with savings accounts... you may be seeing lower payouts on money-market mutual funds, savings accounts and certificates of deposit.
Credit card customers should be seeing some relief if your account has a variable rate.
If you have a car loan, you won't see much of a change, because most are already offered at reduced rates due to dealer incentives.
Students with private, variable-rate loans with the prime rate may be seeing their rate adjust quickly.
Read more in "What the Federal Rate Cut Means for Homeowners" at RealEstateJournal.com:
http://www.realestatejournal.com/buysell/mortgages/20070920-kim.html
Karen
www.move2va.com
Friday, October 26, 2007
What The Federal Rate Cut Means
Mortgage rates fell sharply to 6.31%
Mortgage rates fell sharply this week to 6.31% with next week's Federal Reserve meeting coming up.
Read more at BankRate.com:
http://www.bankrate.com/brm/news/bank/Oct2507_interest_rate_roundupa1.asp?s=2#tab
Stay in touch with your lender!
If you don't have a lender yet, I have a list of local lenders I'll be happy to provide you with, just email me at kehoe@move2va.com.
Karen
www.move2va.com
Featured Home - Large Brick Home in Charlottesville, Room For All With 4 Levels
- Room for all on 4 levels
- Incredible gourmet kitchen with granite countertops, maple cabinets, a treat to cook in!
- Large living room and dining room
- Escape to every floor for something different
- Fabulous yard with slate patio
If you have questions about this home or any other home in central Virginia, please email me at kehoe@move2va.com or call me 1-800-818-7629.
Karen
http://www.move2va.com
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