we just bought a house in october of last year. and since then the rates have declined alot, i want to know how does these rates affect the average person? i know it helps if you have an adjustable rate mortgage but we have a 30 yr fixed. so does these rate cuts only help those with the adjustable rate mrtgages or all of us and if so HOW?
Todays rate cut affect me?
Fixed rates arent affected unless your fix rate is higher and you can find someone to refinance it at a lower rate since the cut. Investments like savings accounts and what not are effected as well.
Todays rate cut affect me?
Fed rate cuts do not affect fixed-rate loans. They affect ARMs only to the extent that the ARM adjustment is tied to the fed rates.
Todays rate cut affect me?
30 year rates are tied to long term bond rates.... The fed funds rate has very minimal effect on 30 year rates.
Todays rate cut affect me?
best bet is to check and see if you can get a cheaper rate than what you are now paying -- if you got it in oct i doubt it!!!
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