are interest rates coming down soon?
Interest rates to come down soon, says Chanda Kochhar. With inflation under control, lending rates will gradually come down as India is moving towards softer interest rate environment, largest private sector lender ICICI Bank chief executive officer Chanda Kochhar said on Tuesday.
But rates are down more than a quarter of a percentage point from last month. Don't be lulled into a fall sense of security, though. Experts are saying that rates on mortgages are poised to move higher soon. That means it's best to shop for a mortgage now, even though mortgage rates are still historically low. The average interest rate on a conventional 30-year fixed-rate home loan is 3.95%, about a quarter of a percentage point higher than it was at this time last year. Remember, that's the average cost of financing a home. Savvy borrowers with decent credit can almost always pay a quarter to half of a point less.
When Are Interest Rates Going Up? The Federal Reserve has stated that it plans on keeping the federal interest rate at its lowest level possible as long as the unemployment rate remains above 6.5 percent and inflation remains in the vicinity of 2 to 2.5 percent.