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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.
The 2011 Refi Boom's Second Wave has started. 5-Year ARMs are leading the charge. Assuming discount points are paid, ARMs are now below 3 percent.
As the Refi Boom continue, not all rates are falling equally. Adjustable-rate mortgages are leading the charge.