Fed cuts rates, what does this mean? Will this be followed by a decline RV rates?
This morning, the Fed cut rates by 1/2 percent in an attempt to contain the growing stock market bubble. I am negotiating a new RV loan that is due to close in 10 days and the dealer quoted me 5.49% last week. I haven't signed anything yet. Will they adjust my rate or will other lenders lower their rates? (I'm almost always a day late on such things - or, in the case of the senior pass, a year late)
Jacob
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2 comments
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OwenMackay
commented
As I understand, the fed cuts affect short-term loans, including Adjustable mortgage rates and customer loans of any kind. That doesn't affect, however, long-term loans so it depends on how long it takes for you to pay off your RV loan. I would recommend shopping around a little bit. Also, I don't share your view about the market share bubble. As I read on https://www.investous.com/ that fed cuts will stimulate the whole economy and the only negative effect it may have on savings accounts. The annual rate on the savings deposit will decrease.
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AlexMoore
commented
You should lower your expectations! First of all, the fed tax cut is not for everyone, it's only for rich people. And do you think it's the right time to take a new RV loan?