Coronavirus Concerns & Your Money

CHARLOTTE, NC — Tuesday the Federal Reserve cut interest rates by half a percentage point to protect the U.S. economy from the coronavirus impacts. The Fed made an effort to say the economy is still strong, but that didn’t seem to comfort investors. This was the first emergency cut on interest rates since the financial crisis of 2008.

One silver lining amid the rollercoaster in the markets – mortgage rates are going down.

So what does it all mean for your investments?

CapitalWize managing partner, George Acheampong Jr., says now is a good time to get in the market if you’re looking at “long-term winners who are having short-term losses.”

“Now is a great time to look at that 401(k) and make sure that you’re comfortable with the allocation,” Acheampong said. On money markets, he says “because of the interest rate environment it costs less to borrow, but the other side of the coin is the cost to save or the incentive isn’t there.”

When it comes to refinancing your home, Acheampong says, “If there is about a half of a percentage point difference in your current rate then it might make sense, but anything below that is typically negligible.”

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