Low interest income may be bad for savers, but it's great for borrowers. Generally, any mortgage below 7% is worth pursuing.
There are many factors that can cause a low interest rate. One of the most common factors is a Federal Reserve Board interest rate cut. The Fed usually reduces the rate to help an ailing economy, by spurring on cash flow and buying power. Mortgage rates typically lower in anticipation of a cut.
The Mortgage Bankers Association of America Web site (http://www.mbaa.org) is a good place to learn more.
- Did You Know...?
Mortgages follow fluctuations in daily bond market yields.
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