Skip to content

VideoRival

Trending Videos

  • Music
  • Trailers
  • Tech
  • Funny
  • Science
  • World
  • Learning
  • Finance
  • Gaming
  • Mashups
Random Vid
  • Home
  • Finance
  • Credit Card and Mortgage Rates Going Up
  • Finance
  • Real Estate

Credit Card and Mortgage Rates Going Up

Why are my interest rates and APRs going up this december?

“The Federal Reserve has announced that it will raise interest rates by 25 basis points. This means that it is increasing the target for short term interest rates to a range of 0.25% to 0.50% from a range of 0% to 0.25%.

Within minutes of the Fed’s decision Wednesday, Wells Fargo, JPMorgan Chase and US Bancorp became the first banks to announce that they would increase their prime rate, a rate used for consumer loans like mortgages.

Mortgages. The rules for mortgages are roughly the same as those for student loans: if you have a fixed rate mortgage, you needn’t worry. If you have yet to take out a mortgage but plan to do so in the future, you will receive a slightly higher rate than you would have if you had locked in your rate during 2015 (or 2014, or 2013… you get the point). And if you have an adjustable-rate mortgage, you will see your rate go up.

Student loans. If you have a fixed-rate student loan — which you do if you borrowed from the federal government after July 1, 2006, or locked in a fixed-rate private student loan — Wednesday’s decision means nothing to you. Your rate will stay the same.

If you have a variable-rate student loan, you will see your rate start to fluctuate. Assuming you have a variable-rate loan that bases its rate on LIBOR (the London Interbank Offered Rate), this fluctuation will occur on a monthly basis.

Credit cards. If your credit card agreement says something to the effect of “APRs will vary with the market based on the Prime Rate,” you will likely see your rate go up by 0.25%.

HELOCs. If you have a home equity loan (also known as a home equity line of credit, or HELOC) and are in the interest-only portion of your loan, your monthly payment will get higher with a rate hike. But as with virtually every other item on this list, the increase should not break your back.

“An increase in 25 basis points is only going to cause customers’ monthly payments to go up about $10 to $11 per month” assuming it’s a $50,000 HELOC, explained Mike Kinane, home equity general manager at TD Bank. “That’s not cause for triggering a refinance. Rates are still historically low.”

Stock Portfolio. In short, the Fed’s move is bad news for bonds, mediocre news for the equity markets and, according to one expert, good news for commodities and stocks relating to consumer goods, food and utilities.”

Source: FORBES


Report a Broken Link/Video


Latest Videos:

4 Signs that a Job is a Pyramid Scheme / Scam (in 3.5 minutes)
Pee Tape, Fake News, Death Threats – Overtime with Bill Maher (HBO)
FLATLINERS – Official Trailer (HD)
Selena Gomez – Bad Liar – Music Video
DJ Khaled – Wild Thoughts ft. Rihanna, Bryson Tiller – Music Video
Linkin Park – Somewhere I Belong – Music Video


Continue Watching:


PITCH PERFECT 3 Official Trailer Tease (2017) Anna Kendrick Comedy Movie HD

Why You Should Learn Physics

MCA SCAM WARNING: MOTOR CLUB OF AMERICA IS A PYRAMID SCHEME AND A LIE

What Colleges Forget To Teach

Rihanna – Love On The Brain – Music Video

Sec. James Mattis says U.S. “accelerating the tempo” of war on terror – “I keep people awake at night”

15 Things Poor People Do That The Rich Don’t

The World’s Future MEGAPROJECTS – 2017-2040’s

Get Me Roger Stone – Trailer – Netflix

Katy Perry – This Is How We Do – Music Video

Bill Gates – Nobody Can Stop Bitcoin Ethereum Litecoin Cryptocurrencies

How the blockchain and crypto will radically transform the economy – Bettina Warburg – TED TALK

  • 1
  • 2
  • 3
  • …
  • 97
  • ›
Loading...

NoteWorthy Collectibles from eBay


Continue Reading

Previous: Dave Chappelle – For What Its Worth – Stand Up
Next: Bon Jovi – Its My Life – I Just Want To Live While Im Alive – Music Video

Related Videos

4 Signs that a Job is a Pyramid Scheme / Scam (in 3.5 minutes)
  • Advice
  • Business
  • Commentary
  • DIY
  • Finance
  • Men
  • News
  • Tech
  • Women
  • World

4 Signs that a Job is a Pyramid Scheme / Scam (in 3.5 minutes)

How The Stock Market Exchange Works (For Dummies) – In a Nutshell
  • Compilation
  • Finance
  • Learning

How The Stock Market Exchange Works (For Dummies) – In a Nutshell

Banking Explained – Money and Credit – In a Nutshell
  • Business
  • Compilation
  • Finance
  • Learning
  • World

Banking Explained – Money and Credit – In a Nutshell

VideoRival on Android

VideoRival Viral Trending Video app on the Google Play Store for Android Devices.






Video Topics

Advice Animals Autos Business Commentary Compilation Crazy Crypto Cute DIY Energy feature Finance Foods Funny Gaming Health History Hollywood Kids Learning Lists Lyrics Meme Men Music News Our Body Politics Reaction Real Estate Retro Review Science Shopping Sports Style and Fashion Tech Trailer Travel Tutorials Uncategorized Weather Women World

You may have missed

4 Signs that a Job is a Pyramid Scheme / Scam (in 3.5 minutes)
  • Advice
  • Business
  • Commentary
  • DIY
  • Finance
  • Men
  • News
  • Tech
  • Women
  • World

4 Signs that a Job is a Pyramid Scheme / Scam (in 3.5 minutes)

Pee Tape, Fake News, Death Threats – Overtime with Bill Maher (HBO)
  • Commentary
  • Politics

Pee Tape, Fake News, Death Threats – Overtime with Bill Maher (HBO)

FLATLINERS – Official Trailer (HD)
  • Trailer

FLATLINERS – Official Trailer (HD)

Selena Gomez – Bad Liar – Music Video
  • Music

Selena Gomez – Bad Liar – Music Video

Copyright © All rights reserved to their respective copyright holders. | DarkNews by AF themes.