By Marcia Passos Duffy • Bankrate.com

Taking advantage of low rates

While go-go lending was partly to blame for the economy’s current financial troubles, ironically, borrowing money may help ease the country out of the downturn. At least that’s the thinking behind the Federal Reserve’s recent pledge to keep low interest rates through 2014.

While this move has not triggered an uptick in consumer confidence, experts agree money probably won’t get any cheaper to borrow than right now. At press time, average rates for 30-year fixed-rate mortgages, home equity loans and even 60-month new-car loans are hovering around 4 percent, 6.4 percent and 4.4 percent, respectively, according to Bankrate’s weekly survey of interest rates.

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