How Long Does It Take When The Feds Cut Interest Rates For Your Bank To Pass The Savings On To You.?

I haven tseen the rates drop in over a year now. Have any of you run into this too?? I would like to refinance if / when they lower the rates.

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2 Responses to How Long Does It Take When The Feds Cut Interest Rates For Your Bank To Pass The Savings On To You.?

  1. themaine says:
    December 20, 2009 at 7:00 am

    Rates have dropped, but not in all markets. Most banks have dropped their rates, but the federal bank where they borrow THEIR money from, changes its rates just about daily, or at worst, weekly. You just need to keep shopping around.
    I would avoid the larger banks, because they don’t get a lot of rate cuts themselves, so they are less likely to cut a rate than a smaller bank.

  2. Petra H says:
    December 20, 2009 at 7:19 am

    Banks are in the moment in a clinch. They had in the past 6 month to many wright offs. If you can wait, I presume the local banks will start to lower their interest in the next 3-6 month. The stock market is in the moment still to volatile, banks have to rearrange their investments before they have more money to spent. I also suggest, to read very carefully the small print. Be sure to have a fixed interest rate No ARMS!!!