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Recent Interest Rate Cuts Stimulate the Stock Market

Lower Rates Mean Mortgage Savings

May 15, 2008       Leave a Comment
By: Scott Janke - Real Estate Mortgages

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Interest rates are coming down! The Federal Reserve Bank has made some major rate cuts to stimulate the stock market. When rates drop, people tend to pull their money out of safe investments, like CDs and money markets, and gamble in the stock market.


The good news for people carrying debt (which is not uncommon) is that most cards are tied to the prime rate, and when prime drops, so should your credit card rates. Of course, banks are slow to reduce rates and quick to raise them, which means it may take a while to see a change.

Additionally, lower rates mean mortgage savings as well. Now is a great time to take advantage of consolidating higher interest rate mortgages, home equity loans, and of course your plastic with high balances and rates.



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Refinancing a 30 yr fixed mortgage in the 7% range into today's 5.5% rate could be a huge advantage and should be a major consideration. Also shortening the term of years on a mortgage with a better rate one could actually end up with big savings.

Congress has sent a stimulus plan to Bush which along with the rebate to taxpayers comes a measure to boost the ailing housing market. It would temporarily raise the limit on Federal Housing Administration(FHA) loans and the cap on loans that Fannie Mae and Freddie Mac can buy up to $729,750.

This would allow people with Jumbo size mortgages a opportunity at conventional interest rates, and people who may be credit challenged with loan sizes over the FHA loan limit a opportunity to finance under FHA guidelines.

Now is a great time to review your mortgage rate and terms, don't let it pass you buy.

Or Contact Scott Janke, The Mortgage Guy:
Executive Mortgage
(989) 450-6900



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Scott Janke - Real Estate Mortgages

Scott Janke is a Senior Loan Officer with Executive Mortgage (989) 450-6900

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