Refinancing 602

June 02, the day my housing loan re-pricing was effected. Buried under a pile of letters that i have forgotten to look through was a letter from my bank that says “the interest rate chargeable on your loan account will be revised 2.850000% to 2.018050% per annum on a monthly rest basis”. Finally the savings i have been anticipating have materialized!

The 3 month SOR fixing seems to have fallen quite a bit to 1.33% after surging to 1.55% a few days ago. Interestingly this seems to be correlate well with the Fed Funds Rate Predictions which is showing a higher probability for the interest rate to remain at 2% for both the June and August meetings. Looks like good news for home owners. Nevertheless, there is ever the need to monitor interest rate movements and to act on it quick where possible.

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