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No. of Recommendations: 3
Please! Your rate is probably either 5.99% or 6.79%. It was set based on an auction of 3-month T-bills on May 29, 2001. The auction came in with a rate of 3.69%, and so you add either 2.3% or 3.1%.

The current T-bill auctions are running around 1.85%. If that rate held (and it won't) until next May, your interest starting July 1 would be 4.15% or 4.95%. Even if the T-bill doesn't stay this low (and the reason is the recession and terrorist-driven "flight to quality"), chances are that the T-bill rate will be lower than 3.69% next May.

Go look at post #325, (I think.)

Don't touch your variable rate loans until next year--June or July, depending. Take up a hobby and don't think about consolidations.
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