Well, the latest statements from Ben Bernanke and the Federal Reserve indicate that interest rates are going to continue to be pushed up by the Fed’s ongoing program of bumping the prime rate. Stock prices were down again as Mr. Bernanke said that the economy was in a state of “transition”, and that the Fed was committed to fighting what they see as an inflationary trend.
The point of this to you, as a homeowner, or potential home buyer, is that you need to act now, before rates get any higher. If you wait even another 6-8 weeks to re-fi your home or purchase a home, you could be paying an extra 1/2 % or more for the life of the loan. If you’ve been thinking about refinancing your Florida mortgage, or need a home loan to buy a home, contact us today and let us get started finding the right loan for your situation. You’ll definitely want to lock your rate before the Federal Reserve has another couple of rate hikes in their pocket, so you can personally keep more of money in your pocket every month!
For more on the Fed’s latest announcement, see the Boston Globe story here.
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