The Federal Reserve’s consistent increasing of rates since June 2004, and recent statements by new Federal Reserve Chairman Ben Bernanke, have created a unique opportunity for consumers. Normally, the difference between rates for fixed and adjustable rate mortgages can be more than 1%, with the ARMs having the lower rate, but now, for most consumers, the rate is almost the same on both.
Ben Bernanke Replacing Alan Greenspan
The reputation of Alan Greenspan as the Chairman of the Federal Reserve was one of brilliance or incredible luck. Now it is the turn of Ben Bernanke.