What a day for the consumer: The Fed cut rates by 3/4 a point, AND the Dow is up 400 pts!
That’s what i’m talking about :) This is huge for us as it’ll drop our variable HELOC rate by .75%! Of course, this news isn’t the best for those high-yield saving accts, but currently that doesn’t apply to us.
A good 8 months ago we were paying 9% on our home equity line (our 2nd mortgage). But after all the fed cuts and refinancin’ we did, it’ll now be at an astonishing. 4.8%! Freakin’ unbelievable. Of course, most of this is purely luck and timing, but hey i’ll take that.
For those of you checking around for a decent loan or mortgage out there, i’d say it’s not a bad time to pick one up these days … And for all you investors out there. HOLLER!