I saw my friend and lender Scott Matuk on the news this morning talking about what how the Fed cuts really impact (or don’t) the home loan market. You can view the WKRN news segment or read the summary by clicking here (I can’t figure out how to embed the video so you’ll have to settle for clicking the link!).
Whether it’s from the Feds or just market fluctuation, interest rates right now are strong. If you’re not a buyer right now but already own a home, you may want to consider refinancing. According to WKRN,
“Lower interest rates significantly reduce one’s monthly payment. For example, if you financed $100,000 over 30 years at a 7% rate you will pay $665 a month. At 6.5%, your payment drops to $632 a month and at 6% even further, to $600 a month.”
If you want, I could probably get Scott’s autograph for you!
