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Which Costa Mesa Homeowners Benefit from the Rate Cuts?
When interest rates were cut after the Fed’s July meeting, the press was quick to point out that not every homeowner would benefit from the move. As Bankrate.com noted in its lead article How the Fed’s Interest Rate Decisions Affect Mortgage Rates, “the majority of Americans won’t be affected.”
When interest rates were cut after the Fed’s July meeting, the press was quick to point out that not every homeowner would benefit from the move. As Bankrate.com noted in its lead article How the Fed’s Interest Rate Decisions Affect Mortgage Rates, “the majority of Americans won’t be affected.”
That’s true for the moment. But for some Costa Mesa homeowners, by last week, the immediate effects were positive. The Bankrate commentators touched on some of the traditional economics behind the effects (“there is an inverse relationship between bond prices and yields”)—but the practical repercussions were more straightforward. Mortgage lenders reacted with rate cuts, so:
• Benefits flowed to the some home loan borrowers with adjustable-rate mortgages (ARMs).
• Also benefitting were those using home equity lines of credit (HELOCs).
• Current fixed-rate mortgage holders may be able to cut their mortgage payments via refinancing.
• Possible beneficiaries will be homebuyers whose budgets could now stretch to fit pricier ... more

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