Current odds the U.S. Prime Rate will continue at 4.00% after the September 20TH, 2017 FOMC monetary policy meeting: 29.5% (not likely), with remaining odds -- 70.5% (somewhat likely) -- that the U.S. Prime Rate will be at least 25 basis points (0.25 percentage point) higher.
âNet tangible benefitâ is defined as:ï·A 5 percent reduction to the P&I of the mortgage payment plus theannual MIP, or ï·Refinancing from an Adjustable Rate Mortgage (ARM) to a fixed ratemortgage. Note: Reducing the term of the mortgage, in and of itself, is not a nettangible benefit.
The benefit is a federal tax benefit authorized under the Internal Revenue Code Section 132(a), Qualified Transportation Fringes. Monies used for these eligible expenses are excludable from gross income subject to federal taxes. Many states also exclude these monies from state and local taxes.