Having the advice of someone who is an economist from Quicken loans, is probably a little better than the advice I can get through my local connections.

So Bob Walters, from Quicken loans, if you say that “Homebuyers and homeowners looking for a new mortgage need to navigate this uncertain market carefully,” I will take heed. I’m not really looking for a new mortgage but for those of you that are, well…proceed with caution.

Richard DeKaser, chief economist for National City Corp., tells us that we as consumers should avoid that telemarketer offering refinancing. He says we should stick with known performers, so ask your friends for referrals.

He is also predicting, 30-year-fixed interest rates to grow from 6.25 percent to 6.75 percent over the next year, so if you have a “risky mortgage” now is the time to refinance, but not with that pesky telemarketer.

What do you think?
[ad#co-1]

Short-term interest rates remain unchanged as honchos in the Federal Reserve try to figure out which is the greater danger: inflation or recession.

After reading this article I wondered what I have missed in my basic education. Do you have to take a class in interpretting what this means in our lives? It seems the economy and anything that affects it is so far beyond the individual consumers control that it is down right depressing.

My question to you, the reader is:

“What can we as consumers do to help the economy turn around and start looking hopeful again?”