Finance, Forex and Investments

How long will it take the latest 3/4% interest rate cut to affect the mortgage and loan companies rates?

With the Fed's decision to cut interest rates, I understand that banks will follow suit and lower interest rates. How fast will it take for these changes to go into place? At what point should people begin to investigate refinancing their mortgages and other loans where it will actually reflect the new rates?

Public Comments

1. I just read an article on precisely this subject on Yahoo news. Here is a link to the article: http://finance.yahoo.com/loans/article/104264/Fed-Cut-What-It-Means-for-Your-Mortgage
2. Lenders and Banks are offering lower rates. Lenders may be willing to refinance to a fixed rate mortgage even if you are one or two payments behind on a recently adjusted ARM http://www.fixed-mortgagerate.com/mortgage-quote
3. Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every month<!--therefore it is always a good idea to keep an eye on what the rates are doing. If interest rates should rise, so will your monthly payments and again, if interest rates were to fall, so would the amount you would have to pay. http://mortgages-finance.awardspace.com/Mortgage-Rate-Compare.htm Monthly repayments made on your mortgage and the amount that was borrowed, is determined by current mortgage interest rates. Different-->companies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.