does anyone know when interest rates will be lower again? I want to refinance my house soon.
2006-09-20 12:23:22 · 8 answers · asked by brenda g 2 in Business & Finance ➔ Other - Business & Finance
You should check out www.Bankrate.com
They have charts displaying when the interest rates have gone up or down for the last 20 years. The charts could give you an indication as to when they may go down again. Hope this helps!
2006-09-20 12:27:20 · answer #1 · answered by loststream 3 · 0⤊ 0⤋
Fed rates are only indirectly tied to mortgage rates. Home loans are usually tied to the 10 or 30 yr treasury yield, which are openly traded so even harder to predict.
The yield curve is currently inverted - meaning that long term interest rates aren't as far above short term rates as they ought to be, and this usually works itself out within a year. You'll get higher rates before lower ones, and the ones available now are still historically very low.
Also, for rates to lower significantly would require the economy to start sliding down again, which probably wouldn't bode well for your home value and your ability to refinance.
Hope this helps!
2006-09-20 15:16:52 · answer #2 · answered by Shofix 4 · 0⤊ 0⤋
Although the Feds have not raised rates in their last two meetings, we are in a rising interest environment. Chances are that rates will not be lowered any time soon, unless (G-d forbid), the economy will enter a recession or worse.
Despite the terror attack on 9/11, war on terror, and natural disasters the U.S. has suffered, the economy has been quite robust and growing in the last 5+ years. Lower rates are unlikely. I would recommend refinancing your mortgage ESPECIALLY if your mortgage is an adjustable rate (ARM). Rates are fairly low to justify all ARM lenders to move to fixed-rate mortgage. Those who don't are risking rising monthly mortgage rates, and worse, foreclosure.
2006-09-20 12:33:40 · answer #3 · answered by EDDie 5 · 0⤊ 0⤋
theres other factors than interest rate.
The way some of the packages are constructed can help you.
waiting for rates to be lower is hard to predict. And in the meantime we know that property values are flattening or going down.
check out http://www.savingslife.com/loans/step1.php
you can check out your property's estimated value and with some very basic info about your home and current loan and you can learn about good refinance options.
2006-09-21 19:42:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you own your home and have at least $10,000 in other debt NO MORE Mortgage may be able to help. They help with debt elimination. Including your mortgage. It doesn't hurt your credit, in fact, your credit will go up as a result of the program.
http://www.NoDebt4U.org
2006-09-20 15:08:56 · answer #5 · answered by brendalutoo 2 · 0⤊ 0⤋
It really depends. Follow the fed. Right now, they're holding pretty steady. I used to be in the mortgage business. Tell me what you've got, and I'd be happy to help find the right options for you.
2006-09-20 12:26:12 · answer #6 · answered by crazedlunatic29 2 · 0⤊ 0⤋
Yea, don't we all wish we can predict when interest rate will fall and rise. That would be great.
2006-09-20 12:25:04 · answer #7 · answered by Anonymous · 1⤊ 0⤋
I doubt they'll go down again in the next year.
2006-09-20 12:48:25 · answer #8 · answered by RT 4 · 0⤊ 0⤋