Interest rates have been dropping lately thanks to moves by Fed chairman Ben Bernanke, but what do the lower interest rates mean for you?
- Lower mortgage rates: At 5.67% in February (plus an average 0.4 percentage point), the average rate for a 30-year fixed-rate mortgage was near a four-year low.
- Credit card rates: Variable interest rate cards will show a drop in their rates, but it may take a few months to show up. Don’t hesitate to call your card company and ask them to speed things up on the lower rate.
- Car loans: Some buyers with good credit will see some trickle down effects of lower rates.
To read more about the interest rate drops, click here.