The Federal Reserve announced on September 20, 2023, that they are leaving interest rates at the same level, while also saying they have not beat their inflation target of 2.0%. Then, what rattled the markets was a statement that the Fed will keep rates "Higher for longer"! This implies that all forms of borrowing money will stay and potentially go higher in the near term before the Fed ultimitely pauses then lowers rates in the future.St Louis Fed 30 Year Mortgage Rate Tracker
What you see is a chart of the 30 Year Fixed Rates rising from Dec 2020 straight through Sep 2023, showing an example of mortgage rates increasing over that time period to rates we have not seen since the early 2000's!
Now is the time to assess your finances and look at refinancing all of your revolving & variable rate credit into a fixed rate loan, so you will be able to weather the coming recession with FIXED RATE debt and also a cash reserve for the unforseen bills that will pop up along the way. You are able to close on a cash out refinance to CONSOLIDATE NOW while your house value is still at a high historical value, in order to secure your finances. THEN, when the timing is right, and after a minimum of 6 payments, you can refi in the future down to a lower rate.
Contact us to discuss your Debt Consolidation Refinance before rates go even higher!