I have a student loan I am repaying. It has a 6.89% interest rate. Should I consolidate and lock in the rate
Answer:
In today's market, a 6.89% fixed loan is a great deal. Conventional loans (loans from your bank or credit union) are usually based on the Prime Rate, which is currently at 8.25%. So even if you get a loan at Prime, you'd still be paying a higher interest rate.
If you can pay a little more to the principal balance of your loan with each payment, you'll be ahead of the game.
Only if you find a much better rate.
Shop and compare !
For a student loan, even at today's prime rates, that is high. Mine is only 3-4%. You should consolidate and compare rates.
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