Mortgage Interest Rates Archives - Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

Federal Reserve Cut and What It Means for Mortgages, Credit Cards, Car Loans

Posted on October 7, 2025by Admin

The Federal Reserve cut its standard interest rate for the first time in nine months. Since the last cut, Americans are dealing with more inflation and a challenging job market.

The federal funds rate, set by the Federal Reserve, is the rate at which banks borrow and lend to one another. While the rates that consumers pay to borrow money are not directly linked to this rate, shifts in Fed policy affect what people pay for credit cards, auto loans, mortgages, and other financial products.

The Fed projected it will cut rates two more times before the end of this year.

Mortgages will be affected gradually.

For prospective homebuyers, the market has already priced in the rate cut, which means it is “unlikely to make a noticeable difference for most consumers at the time of the announcement,” according to Bankrate financial analyst Stephen Kates. It is anticipated that the declining interest rate environment will provide relief for borrowers over time.

Auto loans are not expected to decline soon.

Americans have faced steeper auto loan rates since early 2022, which are not expected to decline anytime soon. Prices for new cars have leveled off recently, but remain at historically high levels, not adjusting for inflation. An auto loan annual percentage rate can run from about 4% to 30%. Bankrate’s most recent weekly survey found that average auto loan interest rates are currently at 7.19% on a 60-month new car loan.

Credit card rate relief could be slow.

Interest rates for credit cards are currently at an average of 20.13%, and the Fed’s rate cut may be slow to be felt by anyone carrying a large amount of credit card debt. The best thing for anyone carrying a large credit card balance is to prioritize paying down high-interest-rate debt, and to seek to transfer any amounts possible to lower APR cards or negotiate directly with credit card companies for accommodation.

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If you have questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm; we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

What the Fed Rate Hike Means for Homebuyers

Posted on March 23, 2017by Admin

Last week the Federal Reserve increased its benchmark interest rate by one-quarter of a percentage point. This marked the second increase in three months and the third increase since 2015. As a result, mortgage rates have already increased. The average rate of a 30-year fixed mortgage jumped to a 2017 high of 4.21 percent, up from 3.68 percent last year.

What this means for house hunters is that buying a home is going to be more expensive. “That is going to create a bit of sticker shock for some buyers looking to buy this spring,” said Len Kiefer, deputy chief economist at Freddie Mac.

Fortunately, the changes in the Federal Reserve benchmark interest rate are somewhat predictable. The market expects two more Fed rate hikes before the end of the year. However, another increase is not likely in the next few weeks.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

http://money.cnn.com/2017/03/15/pf/fed-rate-hike-mortgage-rates/index.html?iid=SF_LN

http://www.cnbc.com/2017/03/15/fed-raises-rates-at-march-meeting.html

Timothy Kingcade Posts

Tips to Becoming Financially Stable in Your 20s

Posted on October 9, 2012by Admin

Most young adults face financial stress after graduation. The job market continues to remain relatively stagnant and most graduates are drowning in insurmountable student loan debt. However, financial planners consider age 22 – 35 the best time to stabilize a financial future.

Below are 11 tips for young adults to achieve financial security:

1. Analyze your finances: If you find yourself living paycheck-to-paycheck you need to track where your money is going. Find a balance that allows you to pay your bills but enjoy your life. The best way to do this is to thoroughly examine your expenses.
2. Make your own job: When the economy is suffering, young people might have more success in entrepreneurial endeavors rather than struggling to find a job. If you have a hobby or something you enjoy doing, try to utilize it in a way that will generate cash flow.
3. Examine your debt: Take a look at the interest rates on any loans you currently have. It will help you in the long run by paying down the loan with the highest interest rate.
4. Rent vs. Buy: Consider your home a used asset as opposed to an investment. Also, consider that the housing market is still suffering. If you buy a home and need to relocate, ask yourself if you will be able to regain what you have invested. In places such as South Florida, costs associated with buying a home are so high renting might be the best option.
5. Find a mentor: Research financial planning. Remember that your situation is different than everyone else’s. It would benefit you to speak with a financial planner who can give you personalized advice.
6. Start saving: You can no longer depend on social security or retirement. Most people do not stay in the same job throughout their adult life. As a result, saving for retirement is now a necessity.
7. Take care of risks: Planning for the future involves more than just financial stability. You should make a will, draw up financial and health directives and buy disability and rental insurance.
8. Positive Relationships: It is always in your best interest to develop and maintain positive relationships. You never can never predict when, “who you know” will help you out down the road.
9. Investing: Sometimes for small investors, mutual funds are the best option because of lower overhead and decreased risk. You may also consider individual stocks, bonds and exchanged-traded funds because they are flexible and the fees are extremely low.
10. Set up a 401(k): If you decide to set up a Roth 401(k) you will see tax-free growth and few restrictions if you need to borrow against it for a down payment on a home.
11. Live frugally: If you are married, you should be saving part of one spouse’s salary. Try to do so before you have kids. Live beneath your means so that you are not dependent on two incomes, in case you do have children and one of you needs to stop working for a while.
To read more on this story visit: http://www.miamiherald.com/2012/06/08/v-fullstory/2685725/how-to-start-building.html
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Mortgage Interest Rates Fall to Historic Lows

Posted on October 8, 2012by Admin

The nation’s average 30-year fixed rate dropped this week to the record low 3.49 percent set in late July. Last week, it had been at 3.55 percent. The mortgage rate has remained below 4 percent for all but one week in 2012, according to Freddie Mac. Last year at this time, the average rate was at 4.09 percent. This week, average interest rates on 15-year, fixed-rate mortgages fell to a new low of 2.77 percent. It had been at 2.85 percent last week, Freddie Mac said. Last year at this time the average rate was at 3.29 percent.
During 2012 the rate has remained below 4 percent all but one week, according to Freddie Mac. An economist from Freddie Mac, Frank Nothaft attributes the new low rates to the the Federal Reserve’s announcement of a new bond purchase plan, which will likely aid in the ongoing housing recovery.
To read more on this story visit: http://www.orlandosentinel.com/features/consumer/sfl-morgage-interest-20120919,0,511811.story
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.