This uncertainty has caused many to take stock of their short-term financial strategy, and you may be asking yourself questions such as: Is now the time to take out a loan? Should I be refinancing my student debt? What’s the right course of action for growing my business, etc…
Let’s take a look at some of the latest developments in finance.
This is not financial advice.
Mortgage Rates Are On Their Way Up
The average 30-year mortgage rate has recently reached a 10-year high of 5.25%, alongside a 7.9% increase in home prices over the last 12 months. These factors can translate to an extra $250-$350 in monthly mortgage payments, which can definitely be a strain on most family budgets.
While this may seem like a lot when looking at last year’s mortgage rates, it’s important to note that the Federal Reserve expects mortgage rates to continue to steadily increase, meaning that you may end up missing out on comparatively low rates today.
Click here to compare today’s mortgage rates.
Student Loan Future Remains Vague
The Biden Administration’s student loan pause is set to end in May, however, more and more financial experts are assessing that it will actually be extended again. While it may be unwise to take out a new loan while banking on another extension - if you are able to find a lower student loan rate, refinancing is always a viable option.
Click here to compare today’s student loan refinance rates.
Loan Rates Are Rising
The Fed’s 0.25% rate hike has led to an increase in loan rates alongside more lender scrutiny. While this has made it a bit more difficult to secure a loan for you or your business, it is still very possible. In fact, the Fed is expected to raise the rates 6 more times before the end of 2022, pointing to the possibility that rates are actually currently at the lowest they’ll be for 2022.
Click here to compare today’s business loan rates.
Click here to compare today’s personal loan rates.