I closed on my co-op in Brooklyn last Friday. There was still a mortgage payment outstanding, so that sum came out of the proceeds. The event made me think about that mortgage (it actually made me think about a lot of things) but that monthly payment to the bank was one of them.

When I first started paying my mortgage, the interest rate hovered in the double digits. After refinancing a couple of years later, it dropped to around 8 percent. Then I decided to take another whack at it and the monthly payout got reduced event further to 5 percent. I probably could have taken another whack at it in the past couple of years, but didn't.

Are times about to change? We've been at historic low interest rates for a few years now and the sense that rates will probably get higher – and, if so, when – are on everybody's radar screen.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.