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If you have an ARM and it's adjusting, it may be time to refinance. The index against which most mortgages adjust is 9 months off its bottom.
ARM mortgage rates are low. It's now 1/2 percent cheaper to refinance into a new ARM rather than letting your existing ARM adjust to the market. That hasn't happened in years.
If you have an adjusting ARM, you've been lucky -- it's been adjusting lower for the past few years. Unfortunately, that's about to change
With adjustable-rate mortgage rates available under 3 percent, it's a terrific time to look at ARMs.
A lot of ARMs from 5 and 7 years ago are adjusting lower these days -- not higher. It's because ARM resets are math-based and the math is more favorable for borrowers than at any time in history.
Overwhelmingly, refinancing homeowners are choosing fixed rate mortgages over adjustable ones. But is it logical? Go deep on the numbers and see for yourself.
Since February, the 12-month LIBOR is up 68 percent. That's bad news for homeowners with pending ARM adjustments. It's now cheaper to refi into a new loan than to let your mortgage rate adjust.
