Quote:
Originally Posted by HarryT
Sorry, are you saying that US banks are not lowering mortgage rates in line with interest rate cuts? My own monthly mortgate payment has fallen by over $500 a month in the last year due to the dramatic lowering of interest rates; that's what I meant when I said that IF you are in work, and you have a mortgage, then falling interest rates should mean that you're much better off than you were.
Sorry - I know that this is way off-topic, but I'd be interested to know the reason why the same thing isn't happening to people in the US!
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We have to refinance in order to get a lower rate (depending on the type of mortgage you have). My own Mortgage is at a "fixed" rate., so it never changes no matter how interest rates change. If rates are going up, having a fixed mortgage is good. If rates are going down, if you can qualify and the rates are low enough, it's best to refinance.