Mortgage Interest Rates Frozen – Money Tips for 2013

January 25, 2013 Posted by kingcade

It’s been reported that the Federal Reserve will likely keep interest rates regulated throughout 2013. In order to spark housing market growth, the Federal Reserve will keep the lending rate between banks in the 0% – 0.25% range until mid-2015.

Below are some savings and credit tips for the 2013 economic climate:

Freeze your mortgage rate. Mortgage interest rates are at a 40-year low; therefore, you can lock in your mortgage with a fixed-rate. The interest on a 30-year fixed mortgage has been 3.57% throughout January.

Lower your mortgage term. If you are planning on refinancing your home and might be moving within a few years, you should consider an adjustable-rate mortgage. During January, initial rates on five-year ARMs were 2.68%.

Open long-term CDs. Place your cash in a long-term CD with low withdrawal penalties. This will give you the opportunity to make thousands of dollars in just a few years time.

Avoid rising-rate CD lures. If a bank offers you an option for a higher yield on a CD if rates rise, you typically get a low initial rate. It is better to shop around and compare other rates with the fixed equivalent.

Use local banks. Online banks sometimes have the best rates. However, if you prefer a bank you can physically go to, community banks are a great choice. Most local banks are less affected by the Federal Reserve and offer great rates. Visit for the best rates in your area.

Transfer a balance. Average interest rates on credit cards are extremely high right now. You can transfer a balance from a card with a higher rate to a card with a lower rate and save money.

Carry rewards cards. If you are usually able to pay off your credit card balance, you are best suited for a rewards card, rather than an extremely low interest rate card.

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