When it rains, it pours. Increasing Interest Rates Have Arrived!
It has been more than 10 years since interest rates have increased as much as they have recently. Within the last 5 months, the Wall Street Journal Prime (WSJP) rate increased from 3.25% to 4% and is expected to increase at least 2 more times this year. When rates increase, they typically jump several full percentage points over a relatively short timeframe.
What can you do about it?
If you’re planning to make a significant real estate and/or equipment purchase, now is the time to do it in order to lock in a low fixed interest rate. Or, if you’d like to pull some equity out of your land for operations, investment or debt consolidation, now is the time!
Give us a call to discuss your options and identify the best way for you to not only weather the upcoming interest rate storm, but make it beneficial for you.