Lower Rates and Your Loans

Interest rates are going down like free beer. What does this mean for your loans?

It's probably worth asking your mortgage broker if you should refinance. It may take a while for mortgage rates to move where you want them to, but it's never too soon to put your feelers out.

For other types of loans, you might have to wait a while. Credit card companies will probably pretend they didn't notice any rate cuts and you won't see any relief. However, money is easier to come by now so shop around if your lender won't work with you.

Further reading:

• About.com Economics:What are Interest Rates
• WSJ Your Money Matters Podcast on lower rates (MP3 File)