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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.
In 2011, 17% of refinanced mortgages featured “other length” loans, according to the MBA. The majority were 15-year fixed and 30-year fixed.
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.
The 5-year ARM is the cheapest it's been in history relative to the 30-year fixed. If you're selling within the next 5 years, you'll save lots of money -- safely -- with an ARM.
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.
Home buyers would be silly to not at least consider the 5-year ARM right now. As compared to the 30-year fixed, the 5-year ARM is an absolute steal.
