What does the lowering of interest rates mean for borrowers?

The Federal Reserve lowered interest rates once again on March 18, 2008. This marked the sixth time since September 2007 that interest rates have been lowered by the Fed. So, what does this mean for borrowers?

According to a Wall Street Journal Online article, the new, lower interest rates will only help with certain kinds of borrowing. According to the article, rates on many auto loans, credit card accounts and home equity lines of credit and adjustable rate mortgages have fallen. But borrowers looking for a new mortgage or looking to refinance a current mortgage may not see the benefits.

See full article: Why Only Some See Benefit From Fed’s Cuts

The article goes into great detail about different perspectives and strategies for homeowners who are either seeking a new mortgage loan or are looking to refine their current home loan situation. There are a lot of factors to consider before making any major financial decision right now, and understanding how the current interest rates affect your specific situation can be beneficial in many different ways.

Make your next financial decision a knowledgeable one. Learn more about any of our financial topics at our knowledge center and be sure to utilize our financial calculators to assess your current situation before deciding on your next move.

Posted in News, Credit Cards, Loans, Insurance, Personal Finance, Banking

This entry was posted on Monday, March 24th, 2008 at 7:06 am and is filed under News, Credit Cards, Loans, Insurance, Personal Finance, Banking. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.