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Blend and Extend

My current question is whether or not to blend and extend our mortgage. It's usually done if interest rates go down, and mortgage holders want to capitalize on lower rates.

At the moment our rate (5.75%, one year left) is lower than the average posted rates, but will these rates go up further as banks try to recoup losses with higher interest rates? OR... will rates go down as prime rate has, in an effort to stimulate the economy?

Is anyone out there contemplating the same dilemma? Any thoughts?

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