The Federal Reserve once again decided on September 21 to hold off on raising interest rates. That may not help the paltry interest you are receiving on your savings account or bank certificate of deposit, but it is something that can still make – or rather save you some money. Interest rates on home mortgages remain near all-time lows. Bankrate.com lists the rate on a 30 year, fixed-rate mortgage refinance at 3.35% and the rate on a 15 year, fixed-rate mortgage refinance at 2.63% as of 9/29/16. No one can forecast whether rates will go up or down, but it is highly unlikely they will go much lower. That means now is a good time to consider refinancing. Consider someone who bought a $200,000 home 10 years ago with 20% down and took out a traditional 30 year mortgage for the remaining $160,000. If the interest rate on the mortgage was 5.25%,...
Read More