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The most recent quarter report from the Chicago Federal Reserve shows the lowest interest rates in farming seen since 1969. Krista Swanson, Research Specialist for Gardner Agricultural Policy Program, shares how farmers can act on the low rates:
“With these interest rates that we have now, if you are a farmer who purchased a loan 15 years ago, and you still have 15 years left to pay that off, the difference in the interest rates we saw around that time around 2005/2006, we are talking quite significant cost savings can be had even after paying those fees.”
More information regarding interest rates and refinancing, along with additional daily articles can be found on farmdoc.illinois.edu.