Yeah, I know they’ve been “low” for a while, but now I have seen firsthand how it effects me.
Last year, when I got married we recieved some cash for our wedding as a gift. Since we had nothing to buy or pay off, we turned around and put in into a 1-year locked GIC. Last year (today as a matter of fact) we got a 4.7% interest rate. Not great, but better than nothing.
So, a year has gone by and it has matured. We went to the bank on Saturday to give instructions for rolling it over. We were going to re-invest it into something similar. The intrest rate for what we had at 4.7% is now 1.5%. I am sure this is no news to any market watchers, but, wow.
We ended up opening a savings account (yes, a savings account) that has a 3.5% interest rate.
I just bought a house. It’s $70,000 nicer than what we were looking at when we started looking last year, and our mortgage payment on a 15-year note is lower than what we expected to pay on a 30!
Actually, we were looking at breaking our mortgage and paying a penalty to get a lower rate… but instead we’ll probably just buy a different house this winter anyhow so we’ll break it then.
I don’t think intrest rates are going up anytime soon.
Help… I’m drowning in Mortgage loan refinances… Rates could really go up just a bit and then I could go home at 6 or 7 pm instead of 9pm. Seriously though it is a great time to refi. I am closing 2-3 loans per week and receiving 3-5 new applications each week. Doesn’t take much to figure out why I’m buried. OTOH its good job security :rolleyes: