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Mortgage Rates: The Fed’s on our Side

The news is out: the Fed has stated it will keep short-term interest rates low for a bit longer in order to help continue the ongoing economic stimulus. While the overall short-term economic outlook isn’t forecasting a drastic upswing, lower interest rates will still make financing and credit accessible to the widest possible demographic.

On the credit card side of things, some of you may have seen recent rate hikes as card issuers scramble to prep for next year’s limits on rate hikes via newly passed regulations. While this is a great move for those of us who incorporate credit cards into our financial plan, it’s also been a double-edged sword since lenders have unscrupulously shuffled to raise our rates before the limits go into effect. Yet another cloud (with a silver lining) in the interest rate sky.

From mortgages to home equity loans, car loans to credit cards, we are a finance-driven economy. What we’re hoping to see in the next six to eight months are lower unemployment rates, more regulation in the credit card realm, accessible mortgage rates and a continuation of the tax credit for home buyers. While we have no doubt positive changes are on the horizon, we have no problem saying that there are some days where we just get antsy!

Happy Fall~

The Staff at San Juan Realty, Inc.

SJR November 5 2009

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